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 which is on 11630 approx * Or equal to wave 1 which is 12450 approx * Or 61.8% of wave 1+3 which is also near 12457 approx ** Now end re
Larsen & Toubro Outlook: Possible double top formation can be seen in the near term on LT where 1st phase or 1st top already completed now all could do assumed that possible next top formation going to be happened within month. We can see that TOP-1 having a heavy selling pressure on 1200 level which is the previous top High and demand continued on 1100 level which is our possible neck line which is also shown strong support and continued decline on volume . In case of Possible TOP-2 which High (1195) is also within 3% compare to previous TOP-1 High (1225) because TOP-2 high within 3% so we must consider as a TOP-2. In case if all the possibilities are going to be happened our neck line should be on 1100 level with possible Targets are - 1050/1012/975 but Stop Loss is not still clear so we must wait for good stop area formation and neck line break.