BEL is at a critical resistance forming a neckline of reverse H&S pattern , from price action it looks it will break the line and give breakout upwards moving towards next resistance lying at 147 - 150 levels. once can go long with a SL of 109 and target of 148. remember to position size your trade according to your risk apatite.
nifty had closed at 11456.90, currently nifty is in wave c of irregular expanded Flat ABC correction inside wave 4, the support level (pivot point) at 11326.23 proves to be a perfect area of value where the wave c could end. For intraday, on Monday NIFTY will break the low of wave A , which is 11420 Aprox. so the Monday intraday target would 11420.however nifty...
S&P 500 is currently in a minor correction phase, the up trend on daily chart is still intact. upon opening the index will rally to the level of 2810 which is exactly where where wave A has ended, as it is a regular flat correction pattern it will not break the 2810 level just test the level. From thereon, it will form a new impulse wave 3 which will bring the...
lot of people are speculating about a significant crash in S&P 500, however looking from Elliot wave perspective. given the 3 wave structure of all the corrective waves suggests that it is forming a very complex and unusual pattern of a expanding triangle. it might not be the right time to short just yet, from the pattern analysis it is very likely to break the...
