Everyone who is following me knows that I am looking at the markets mostly from an Elliott Wave perspective, because I simply think that markets move from pessimism to optimism, they move in fractals and cycles with repeatable patterns. Also, whenever I'm looking at stock indexes, US single stocks, or any other market that has some important gaps, I will try to use those gaps as another confirmation when it comes to my analysis and Elliott Wave count.
So here I'm looking at the Nifty, and you can see that we had a pretty nice and strong rebound from the March lows. It looks like impulsive price action that later on found resistance at the previous swing low near 24555.
Now, whenever I'm looking at the Elliott Wave Principle, I always try to focus on minimum expectations. In other words, I will not say that the market will continue straight back to the highs from here, because I simply realize that this could be only a counter trend A-B-C movement.
But what makes it useful here is that even this A-B-C rally, even if it later proves to be temporary, is still unfinished. As you know, corrections in Elliott Wave terms should be structured by three waves.
So what recently happened? Well, after that first impulse up, we saw a perfect reversal lower, right back to the 23085 gap, from where we can now see a fresh rebound. This rebound is already breaking the first key resistance at 23106, which makes me think that we are in a third leg higher.
It could be a wave C, but ideally this wave C should extend beyond wave A towards 25000, maybe even 25550, where we see wave C equal to wave A.
If you like this kind of analysis, please make sure to press like, share it with your community, or leave any kind of comment below this post.
Grega
So here I'm looking at the Nifty, and you can see that we had a pretty nice and strong rebound from the March lows. It looks like impulsive price action that later on found resistance at the previous swing low near 24555.
Now, whenever I'm looking at the Elliott Wave Principle, I always try to focus on minimum expectations. In other words, I will not say that the market will continue straight back to the highs from here, because I simply realize that this could be only a counter trend A-B-C movement.
But what makes it useful here is that even this A-B-C rally, even if it later proves to be temporary, is still unfinished. As you know, corrections in Elliott Wave terms should be structured by three waves.
So what recently happened? Well, after that first impulse up, we saw a perfect reversal lower, right back to the 23085 gap, from where we can now see a fresh rebound. This rebound is already breaking the first key resistance at 23106, which makes me think that we are in a third leg higher.
It could be a wave C, but ideally this wave C should extend beyond wave A towards 25000, maybe even 25550, where we see wave C equal to wave A.
If you like this kind of analysis, please make sure to press like, share it with your community, or leave any kind of comment below this post.
Grega
Join the community for one week, full access. Its free >> @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves Sale-65%
👉 wavetraders.com/academy/
Newsletter
👉 bit.ly/3FVPVzO
Learn Elliott Waves Sale-65%
👉 wavetraders.com/academy/
Newsletter
👉 bit.ly/3FVPVzO
関連の投稿
免責事項
これらの情報および投稿は、TradingViewが提供または承認する金融、投資、取引、またはその他の種類の助言もしくは推奨であることを意図したものではなく、またこれらに該当するものでもありません。詳細は利用規約をご覧ください。
Join the community for one week, full access. Its free >> @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves Sale-65%
👉 wavetraders.com/academy/
Newsletter
👉 bit.ly/3FVPVzO
Learn Elliott Waves Sale-65%
👉 wavetraders.com/academy/
Newsletter
👉 bit.ly/3FVPVzO
関連の投稿
免責事項
これらの情報および投稿は、TradingViewが提供または承認する金融、投資、取引、またはその他の種類の助言もしくは推奨であることを意図したものではなく、またこれらに該当するものでもありません。詳細は利用規約をご覧ください。