Did $NEPSE have a good supporting candle today? Nope. Although we saw a rise in the market today up to 2590, it took resistance at the exact range I mentioned yesterday which was 2570 to 2600. The selling pressure meant that $NEPSE closed at 2508. It managed to close above 2500 but if it falls below 2500 and ultimately breaks 2438 in the coming days, we can see the market fall further to 2350 - 2380 area. The current fall looks like an impulse as per the Elliott wave and the final wave is pending (this can be confirmed if it falls below 2438). 2680 remains an important area that $NEPSE needs to sustain above. 2500 is our immediate support for now.
Disclaimer - It's only for education purposes. Take your own decision before the trade.
Disclaimer - It's only for education purposes. Take your own decision before the trade.
aja ahile samma thyakka 2432 choyera mathi aayo hai
@Sherlin_Tuladhar Yes. Aja 2428 ko low banayeko chha market le but it managed to close above 2438 which it needed to protect. It looks like there's still room for the market to fall (around 200 to 300 points from today's close). That will happen if the market cannot protect today's low.
@nepsetrader aja ta 2300 bhanda ni jharyo ta .. elliot wave anusar thikai ho ta? i have no idea about this Elliot theory
Yes, as mentioned in other posts, if the market follows wave A = wave C, we can see it fall to somewhere between 2140 - 2200 area which will become the bottom. If we consider this scenario, there's still room for the market to fall.
Please have a look at this weekly chart: https://www.tradingview.com/x/PT1jJcOC<a href="https://www.tradingview.com/x/PT1jJcOC
It" target="blank">www.tradingview.com/x/PT1jJcOC
It seems the current fall is 3rd wave. If that is the case, 4th and 5th waves are still pending which indicates further fall. The analysis will be reviewed after looking at how the market reacts in the coming two to four weeks. As for now, 2140 to 2200 area is an important area.
Here is the weekly chart