BankNifty Penultimate Wave - Pattern Repeats - Is This A Warning Sign?
Fractal is a pattern that repeats forever
This short video talks about a fractal pattern which repeats quite often as penultimate waves = 2nd last wave that means only one last wave left
One such pattern was identified in Nifty in 2021 September & Index topped at 18604 later troubling...
Short Video - How we maintained our bearish outlook in this stock since 5th Aug 2020. I am excited to see 57% drop from the highs of 1063 to 457 (recent low).
Hope you enjoy the video & let me know your comments. Have a great day ahead.
Good Morning All,
Traders should watch these Five Elements to plan their trade next.
Penultimate Wave ( Triangular Wave)
Upper trendline
Upper trendline of the triangle shown in the circle can act as support so Index holding 41450- 41500 can push short term upside 41750-41800
Key Level - 41051
1st warning sign for bulls - break of key level
...
Hidden Bearish Divergence
This occurs when price makes a lower high (LH), but the oscillator is making a higher high (HH).
When you see hidden bearish divergence, chances are that the pair will continue to shoot lower and continue the downtrend.
What we expect next?
As suggested earlier on 17th Aug 2022 video idea that the correction could be deep...
Stoploss - 38531
Target
39000
39600
Bullish Gartley seems to be hiding in the price structure. If Index holds key level of 38531 & 38492 then we expect Index to push upside towards 39000 & 39600 in next few sessions.
Hope you did your due diligence at the tops of 41840's & enjoyed the tops from last idea. Check the related idea below.
Thank You
From the last update- 40600 was the key level which halted the up move exactly & same level acted as resistance in opening session when index opened gap down.
It travelled upside to 40605 close to 40600 resistance & dropped sharply down to 40378 -which is our critical level for upcoming sessions.
Index has been choppy since the bottoms of 40280 & the waves looks...
Extreme Risk Takers Can Trade till Index holds below 40600. In other words selling should be avoided if Index rallies back above 40600 (Avoid Sell above 40600)
Our Downside Targets
40450
40185
39880
Hope you liked the last idea -Island Reversal -Index rallied overall 1000 points in two days 8th & 9th Sep 2022
Last Idea - Island Reversal
Ending Diagonal with a twist.
As identified support zone 39550-39600. Index post falling from 40073 highs slipped to 39759 first / did some sideways & fall continued below 39759 to very important support zone & day low in the zone as 39564
Holding in support zone we expect Index to push once again 40K + target zone where you have to be...
Possible Ending Diagonal Scenario could be unfolding for Bank Nifty. Trend could change next. Get your clue from European markets
Check the related idea published last week. Plan-B as mentioned in the idea.
Not a trading call. Manage your risk properly. Thanks
Bank Nifty Index has been doing sideways in the range 37959 (critical high) & 38800 (critical low). Looks like unfolding a triangle.
If you identify them then such patterns are amazing as traders get multiple opportunities between zone identified.
Trading Strategy ( Current Spot Price- 39305)
Plan A -
Buy close in 39000-39100 zone if Index halts above...
Long Term Outlook
We picked time cycle tool available in drawing tools & tried getting dominant lows & highs. Over the process we realised that 18 Week cycle is dominant & running for Bank Nifty Index giving us important lows & highs.
Next low could be due in middle of the Oct 2022 which could be shifted to close to Nov 2022 if current high holds at 39759...
Let us recollect the most important psychological level of 39500 as discussed could be the most critical level at present. A bearish butterfly harmonic structure completes in the required PRZ & reasons for fall discussed below & shown on the price chart.
Possible Reasons for Fall
Bearish Butterfly Harmonic Structure
Evening Star...
Let's get started with this beautiful Sunday Morning with an exciting idea on "Bank Nifty - Will if follow in the footseps of HDFC"
By the end of this short video, you would realise that BankNifty could be unfolding similar structure once done for stock -HDFC in early 2021 / 2022.
Hope, this long term idea attempts to answer our colleague's @punterpk unsettling...
As per our discussion since morning 38800-38825 has been important zone. Few reversals were seen right from that zone. Hope you enjoyed.
Banknifty - Patiently waiting, Index structure looks like unfolding a #triangle- the penultimate wave.
Penultimate wave
This is the last wave & sudden reversal can happen at tops.
Trading Strategy
Means holding...
Bank Nifty could be unfolding head & shoulder chart pattern in 38155 - 38402 zone. The pattern is yet not formed & have to complete by reversing down from 38350-38402 to the neckline support
Trading Strategy
Trade will trigger only when neckline is breached which is a rising trendline marked as "Neckline" Index has to fall below neckline which is 38200...
Bearish Bat Harmonic Pattern at the tops of 38231. Sell Triggers below 37941
Trading Strategy
Traders have to sell once it triggers below 37941 with recent high as stop loss later.
Targets
1st Target - 37655
2nd Target - 37522
3rd Target - 37249
Thank You.
