1. Basic Setup
- Chart Timeframe: ✅ Intraday – 5 min
- Asset Analyzed: S&P CNX NIFTY INDEX FUTURES
- Symbol: NIFTY-I
- Date of Analysis: 04 August 2025
🔹 2. Current Market Context
- Trend Bias: ☑ Bearish to Sideways
- Current Pattern Status: ☑ Correction in Progress (ABC or WXY)
- Higher Timeframe Context:
- LT Direction: Uptrend (larger timeframes still holding bullish bias)
- Major Support: 24,680 – 24,700
- Major Resistance: 24,893 – 25,364 (Fib zones)
🔹 3. Wave Count Summary (on 5-min)
Likely in Wave B or Wave 2 upward retracement of a larger corrective structure.
- Wave A / 1: 24,893 → 24,680
- Wave B / 2: 24,680 → Currently testing 38.2% (24,781.65)
- Retracement Levels Observed:
- 23.6% → 24,712.75 ✅
- 38.2% → 24,781.65 (✅ Currently active)
- 50.0% → 24,837.35
- 61.8% → 24,893.00 (Key resistance)
- Retracement Levels Observed:
🔹 4. Fibonacci Zones
| Retracement/Target | Level | Remarks |
|---|---|---|
| 23.60% Retracement | 24,712.75 | ✅ First minor bounce area |
| 38.20% Retracement | 24,781.65 | ✅ Currently tested |
| 50.00% Retracement | 24,837.35 | ⏳ Next resistance to watch |
| 61.80% Retracement | 24,893.00 | 🔸 Major invalidation zone |
| 161.80% Expansion (if Wave C or 3) | 25,364.85 | 🚨 Wave 3 / C projection |
🔹 5. Trade Plan
| Setup | Entry Zone | Stop Loss | Target Zone | Risk/Reward |
|---|---|---|---|---|
| Long from retracement hold | 24,680 – 24,712 | 24,660 | 24,837 / 24,893 | 1.8 – 2.5 R:R |
| Short on 61.8% rejection zone | 24,893 – 24,910 | 24,930 | 24,700 – 24,680 | 2.0+ R:R |
🔹 6. Alerts & Invalidations
- Short Invalidation: Break and sustain above 24,893
- Long Invalid: Break below 24,680
- Shift to alternate count: If price makes new high beyond 24,930 → may trigger fresh bullish impulse
🔹 7. Chart Attachment
✅ Attached – with all key fib levels marked and 161.8% projection as upper target
🔹 8. Notes & Sentiment
- Market Sentiment: ☑ Cautious Bullish (if 24,680 holds)
- Volatility: ☑ Moderate
- Suggested Approach: Intraday scalping between fib zones until breakout above 24,893 or breakdown below 24,680