BankNifty -Will It Be Explosive Up - 49650+ ( Missed last time)

yesterday

Disclaimer:
This analysis is for educational purposes only. Please consult your financial advisor before making any trading decisions.


WaveTalks Market Insight – The Next Big Move?


As discussed in the last idea, the market witnessed a failed impulse as per the dea mentioned below, leading the Index to drop to slightly new lows on 27th Jan 2025 before eventually turning back upward. This movement sets up an interesting wave structure that traders need to watch closely.

Last TradingView Idea

Wave Structure Breakdown

Wave 3:
Successfully extended and touched 49250 (approx) before losing momentum.

Wave 4:
Currently forming a triangle or is about to complete its final phase.
Key Level – 49250: This level is acting as a pivotal point.

What Happened at 49250?

After hitting 49250, the market witnessed a sharp sell-off, dragging prices down to 48750 in the closing session on 28th Jan 2025. This drop suggests the wave 4 consolidation phase is still in play before the next directional move.

Trading Strategy – What to Watch For?

🚀 Next Buying Opportunity:

Above 49250, a breakout from the triangle in Wave 4 could trigger a strong thrust towards 49650
This aligns with the Elliott Wave thrust pattern, where triangles typically lead to a strong final push (Wave 5).

🔻 Caution for Sellers:

If the price fails to hold above 49250, the triangle might extend, leading to further consolidation or a potential false breakout trap.

Support to watch: 48750 – If this level gives way, further downside risk increases.

Execution Plan for Traders

Long Entry:
Above 49250, confirming strength with volume.
Target: 49650+ (Wave 5 thrust).
Stop Loss: Below 49000, ensuring protection against false breakouts.
Alternative Scenario: If 48750 breaks, re-evaluate for a potential deeper correction.

📌 Final Thoughts:

This setup presents a high-probability trade if the structure plays out as expected. However, market conditions can change rapidly, so risk management is key.



Regards,
WaveTalks
Market Whispers! – Can You Hear Them?

yesterday

Trade active

3:10 pm / 29th Jan 2025

Do remember - Expected Thrust not breaching upside above 49250 or even breaching above 49250 - cannot fall immediately below 49250 once it crosses upside -if this happens that is sign to be careful for Traders - Clearly mentioned in teh details. Thanks