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Daily Trading Strategies 14/02/2017
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Daily Level
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Bank Nifty
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R3- 20392
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Buy
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Buy above 20285 with Target-20332/20392 with Stop Loss-20260.
Note:
If open price is below 20285 than order is activated
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R2- 20332
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R1-20285
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Resistances
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Support
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Sell
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Sell Below 20141 with Target- 20093/20033 with Stop Loss-20166.
Note:
If open price is above 20141 than order is activated
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S1- 20141
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S2- 20093
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S3- 20033
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NSE:NIFTY Till date Nifty on wave 3 on larger degree of Elliot wave Explanations:- ** If we subdivided wave into shorter degree or in 5 wave its match with Fibonacci retrenchment levels in all subdivision of wave 1. ** On wave 2 which is a corrective wave also match with Elliot wave rules and its take corrections within 50% of wave 1. ** On wave 2 subdivision are also match with corrective wave patterns. ** Now comes to Wave 3 which is need to match with Elliot wave theory where Fibonacci levels should be 161.8% of wave 1 , which is 11340 approx. ** If the wave 3 subdivided into shorter wave degree, we can see the 5th wave is forming and it has to be within 1.236-1.618% of wave , equal to wave 1 or 61.8% of wave 1+3 . ** So now comes to conclusion on 5th wave * Either 1.236- 1.618% Fibonacci levels of wave 4 ...
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