NIFTY UPDATE with Elliot marking

21 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 - 17206.65 dn 69 point (21/02/2022)
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> View for 22 Feb ,
> No change in trend - In last three days sideways move - failed to cross daily resistance 17469,
> 60 min trend Up - daily down - weekly UP
> On open above 17330 will test daily resistance 17469 and open below 17152 will test weekly support level 16939
> Intra day levels upside 17293-17359-17400-17466 and dn side 17120-17053-17012-16946
> immediate upside possibility ended , and alternate two to be consider . . . . 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)
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> As per reversal trading system ,
> 6 th trading day of Daily trend DOWN and tomorrow will turn UP if closing ABOVE trailing daily reversal 17391
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> Daily trend DOWN - Trailing resistance 17469 ( valid for 22 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