Nifty Long term Entry

3 дек. 2021 г.

"Downtrend leg"
Nifty has completed a 1.618 retracment on Fibonacci on Downtrend @16999 levels.
Fibo 0 level, high of 19th October'21, i.e. 18605 & Fibo level 1 low of 29th October i.e. 17613, (Refer to Fibonacci drawn on LHS with fib levels 1.272 & 1.618 marked on it)
This completes the "downtrend leg". (The downtrend was already indicated by Nifty with Bearish Divergence in Daily)

"Uptrend leg 1"
After completion of these levels on 26th November (by Day end) Nifty has then created a range
1. Range Fibo 0 level, Low of 29 November'21, i.e. 16782.4 & Fibo 1 level, High of 30th November'21 i.e. 17324.65 (around 500 points)
2. After completion of range, market has to retrace to 0.5 level or 0.236 level, market did retrace to 16931.4 which was just short of 21 points of 0.236 level i.e. 16910.35
3. confirmation: Nifty then gives us a confirmation by taking a support at around 0.5 & 0.786 levels and starts moving up.
4. Target:
T1: Fibo 1.272 level: 17472.15 &
T2: Fibo 1.618 level: 17659.75
around T1 or T2, Nifty will create a reversal for "Uptrend leg 2" which will be a reversal leg 2 as per Elliott wave (not necessary it will be around these levels only, Nifty can move above these levels to 2 or 2.618 levels also)

Happy Trading.