NIFTY UPDATE with Elliot marking

23 Feb 2022

🤔 Three parameter need to track when you take entry
1. Stop loss
2. Target
3. Trailing stop
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NIFTY SPOT - Close - 17063.25 dn 29 point (23/02/2022) , , , , ,
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> View for 24 Feb ,
> No major change in trend - Till trading above 17009 upside to continue , and below 17009 again to test weekly support 16939
> 60 min trend Up - daily down - weekly UP
> Close above 17469 bottom out confirmation will come on daily trend,
> Intra day levels upside 17121-17166-17194-17239 and dn side 17004-16959-16932-16887
> At present alternate two considered . . . . If close above daily resistance 17469 then again original set up Alternate one to be consider . . .
> Hence down side Wave C to follow with immediate Target 16282 ( w1 = w3)( marked red color ) and down 15350 ( 1.618 of w1)
> Final support level - 16836 to 16809 - Close below this MAJOR weakness to come . . .
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> As per reversal trading system ,
> 8 th trading day of Daily trend DOWN and tomorrow will turn UP if closing ABOVE trailing daily reversal 17278,
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> Daily trend DOWN - Trailing resistance 17469 ( valid for 24 FEB )
> Weekly trend UP - Trailing Support 16939 , ( valid till 25 FEB )
> Monthly trend UP - Trailing support - 15740 , ( valid till 28 FEB )
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>> Now Swing TURNED DOWN with level 18350 -
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For Elliot wave Alternate one and two - refer to marking on chart
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Sector and specific script may move as per their trend , not necessary that all script will come down or go up with NIFTY.
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Disclaimer : Details given are as per my knowledge / experience and education purpose only , please take decision after contacting your registered financial advise