Nifty 5 Mins EW:
Now with the fall it is clear that corrective B is completed at 7504.So.
A 7563 - 7131;
B 7131 - 7504
Now, C has started from 7504. This big C wave direction will be down and should be in 5 waves, wherein 3rd wave can sub-divide.
As of now, it looks like below:
1 7504.00 7478.80 (25.20)
2 7478.80 7495.90 (17.10)
(i) 7495.90 7449.35 (46.55)
(ii) 7449.35 7483.30 (33.95)
(iii) 7483.30 7269.20 (214.10)
a.(iv) 7269.20 7370.95 (101.75) => This is in 5 waves
b.(iv) 7370.95 xxxx (follow retrace for the rise from 7260.20-7370.95. Since, corrective rise in 5 waves, then expect 80% retrace should not be breached.
7346.94, 7332.29, 7320.08, 7308.07, 7296.06, 7289.55
Imp Note: Prices having closed below DHEMA (7383), will try to target 7308-7320 (D5EMA, +20) which is also 61.80% retrace of the last rise from 7269 and +20 is 50%.
Trade Opportunity: One can go long at 7308 keeping 7289 (80%) as SL for the targets for min tgt of 7371 and then 7410 (a=c), thereafter 7472 (c=1.618*a)
Tata Steel: EW Counts
Now with the fall it is clear that corrective B is completed at 7504.So.
A 7563 - 7131;
B 7131 - 7504
Now, C has started from 7504. This big C wave direction will be down and should be in 5 waves, wherein 3rd wave can sub-divide.
As of now, it looks like below:
1 7504.00 7478.80 (25.20)
2 7478.80 7495.90 (17.10)
(i) 7495.90 7449.35 (46.55)
(ii) 7449.35 7483.30 (33.95)
(iii) 7483.30 7269.20 (214.10)
a.(iv) 7269.20 7370.95 (101.75) => This is in 5 waves
b.(iv) 7370.95 xxxx (follow retrace for the rise from 7260.20-7370.95. Since, corrective rise in 5 waves, then expect 80% retrace should not be breached.
7346.94, 7332.29, 7320.08, 7308.07, 7296.06, 7289.55
Imp Note: Prices having closed below DHEMA (7383), will try to target 7308-7320 (D5EMA, +20) which is also 61.80% retrace of the last rise from 7269 and +20 is 50%.
Trade Opportunity: One can go long at 7308 keeping 7289 (80%) as SL for the targets for min tgt of 7371 and then 7410 (a=c), thereafter 7472 (c=1.618*a)
Tata Steel: EW Counts
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