Attaching 30 mins chart of Bank Nifty.
It seems like Bank nifty is following 21 candles cycle on 30 minutes chart as it has captured most of the low's formed since 30-12-2021 (12:15 P.M. on wards).As per this cycle next low is due at 1.45 P.M. today.
On wave front,i think it is either making a diametric pattern or an triangle,as wave B took less time then wave A in the labels shown from 25-01-2022 9:15 A.M. on wards.
Scenario-1)Diametric
As per diametric patterns guidelines, wave E target is coming at 39350.(Few days back we also had a algo trade in bank nifty printing 39300 high).A rejection at 39300-350 level along with faster retracement of previous swing low would validate end of wave E of diametric pattern.
Scenario-2)Triangle
As per triangle pattern,wave E could be the last raising move post which we can see decent down move,which can take prices again back to 38500 levels and even beyond.As 38840 is a previous price action zone acting as rasistance ,for entire rise to be an triangle wave E can end at around same levels(so far we have done high of 38800 and have pulled back)but the internal structure is not yet complete hence one more push towards 38800 cant be ruled out.A rejection again at 38800 along with faster retracement of previous swing low level would validate triangle scenario.
Personally i am preferring scenario 1,as today on the back of event prices can show unexpected moves.Hence i would wait short trade setup at or around 39350 level for riding wave F of diametric pattern target for which is coming at 38500
Disclaimer:This are just my views,no position should be build or exited on its basis.Posting this just for my future reference.
It seems like Bank nifty is following 21 candles cycle on 30 minutes chart as it has captured most of the low's formed since 30-12-2021 (12:15 P.M. on wards).As per this cycle next low is due at 1.45 P.M. today.
On wave front,i think it is either making a diametric pattern or an triangle,as wave B took less time then wave A in the labels shown from 25-01-2022 9:15 A.M. on wards.
Scenario-1)Diametric
As per diametric patterns guidelines, wave E target is coming at 39350.(Few days back we also had a algo trade in bank nifty printing 39300 high).A rejection at 39300-350 level along with faster retracement of previous swing low would validate end of wave E of diametric pattern.
Scenario-2)Triangle
As per triangle pattern,wave E could be the last raising move post which we can see decent down move,which can take prices again back to 38500 levels and even beyond.As 38840 is a previous price action zone acting as rasistance ,for entire rise to be an triangle wave E can end at around same levels(so far we have done high of 38800 and have pulled back)but the internal structure is not yet complete hence one more push towards 38800 cant be ruled out.A rejection again at 38800 along with faster retracement of previous swing low level would validate triangle scenario.
Personally i am preferring scenario 1,as today on the back of event prices can show unexpected moves.Hence i would wait short trade setup at or around 39350 level for riding wave F of diametric pattern target for which is coming at 38500
Disclaimer:This are just my views,no position should be build or exited on its basis.Posting this just for my future reference.
Comment:
For Aggressive traders:Conversely if we get low near next cycle low duration before reaching 39300 on the upside,this low should be followed by strong bullish reversal candle. one can initiate long trades with the lowest low as stop-loss for an target of 39300