An Impulse and a Correction

BHEL Daily chart

A text book picture of an Impulse and a Correction.
Notice the subdivided waves numbered in green colour.
The third wave is extended in the Impulse. 
Wave 3 and wave 5 is subdivided.
The Correction is a Zigzag wave 5-3-5.
The B wave of correction is a Flat wave and is subdivided.
An alternate possibility for the Correction is Complex correction abc-x-abc. 

 

BHEL Daily chart 

Disclaimer: The views given in this blog are for educational purposes only. Readers should exercise personal discretion and take expert advice before taking any action in the stock market.The author of this blog is not responsible for any losses which anyone might incur in the stock market by acting on these views.

Bounceback imminent in Nifty

The current down-move from 10th March has unfolded in a 5 wave pattern.
Currently the 5th wave is in progress.


Right click on chart and click on view image for magnification 
Nifty 4 hourly chart   

Let us look at the 5th wave in detail.
The 5th wave of wave 5 is currently on.
Positive divergence is seen as shown by blue lines. 
It means that after this 5th wave is completed..an upmove is imminent.
 

Right click on chart and click on view image for magnification 
Nifty 15 min chart     

This bounce back will reach  5650....the end of wave 4 as shown by the red horizontal line.

 

Right click on chart and click on view image for magnification 
Nifty 15 min chart  

Disclaimer: The views given in this blog are for educational purposes only. Readers should exercise personal discretion and take expert advice before taking any action in the stock market.The author of this blog is not responsible for any losses which anyone might incur in the stock market by acting on these views.