ANALYSIS FOR NOV 21

Back to work :) after 5 days of viral attack. Hope the forthcoming days would be fruitful!!

Nifty has reached a low of 4835 on Friday which exactly touches the weekly chart trendline and bounced back to close at 4905 above Days Pivot. Breaking of 4835 would lead Nifty to new lows.

The next possible wave c as per EW count is :

wave c = 261.8% of wave a = 4775.

As per Bullish pattern, the next projections for B are,

 B(current) = 4835 = 85.4% of XA

                                 88.6% of XA = 4804

                                 94.3% of XA = 4765.4 = approx = 261.8% of wave a as per EW count.

                  

Week levels
CLOSE	4906
PIVOT	4991
HI EMA	5261
LOW EMA	4995
5 EMA	5088
5 SMA	5154
PrevHigh	5229
Prev Low	4838

CHECK LIST-DAY
CLOSE	4906
PIVOT	4887	10EMA	5077
HI EMA	5056	13EMA	5095
LOW EMA	4967	26EMA	5106
5EMA	5005	prev HI	4916
5 SMA	5018	prev LOW	4838
100 DMA	5206	20 DMA	5156
50DMA	5061
20 Hr MA	4960	50 Hr MA	5095

	Trade Table
Current pattern	X-A	B(current)
Developing Bullish Pattern in DAY TF	4728 -5400	4835
Trade initiated
NIL	Projections for C		If 4835 breaks then proj for B
	23.60%	4968.34	85.4% of XA	4826.00
	38.20%	5050.80	88.6% of XA	4804.60
			94.43%	4765.00