BANKNIFTY--Inverse Head & Sholuder??

Feb 4

BANKNIFTY INDEX is created a Demand zone at 45450-45220 zone.
If this zone again push the price upside, leads to creates an Right shoulder..
then will observe a inverse Head and shoulders will clearly seen if the same is happens from this demand zone.

on topside(Neckline) at 46500-46700 zone is pushing the price downside, continuously.
previous support is now acting as a resistance on the topside, as I already explained.

so, now we have 2 possibilities::
Long:: Enter long when price comes to Demand Zone.
(Or)
If price consolidates between the neckline and old support level,
then we have a chance of continuation upside.

If price failed to create a right shoulder or demand zone fails to push the price upside, then
we have short plan, when price consolidates between the head and Demand Zone.
then a liquidity grab will be finished on bottom side and price is likely to test the strong demand zones at 43600 levels.
will go for short side below demand zones...

Feb 4

Note

we have a trendline liquidity as well near the demand zone and right shoulder.
keep safe from here before long or short side.

Feb 4

Note

Feb 5

Note

Feb 5

Note

liquidity grab below the 45500 and then bullish may be, but keep in long side only...
retest of trendline might be observed...then will see bullish continuation or bearish

Feb 5

Note

price breaks the channel again then retest sell.

Feb 5

Note

its a long trap....don't go for long

Feb 5

Note

wait for the channel break and retest

Feb 5

Note

Breakout or breakdown

Feb 5

Note

there are some moves....there is a bear trap as well keep Sl

Feb 5

Note

safe traders exit with 1:1

Feb 5

Note

close the remaning at cost to cost or 1:2
there might be some consolidation here....

Feb 5

Note

If price closes at 46300 levels buy puts.....

Feb 5

Note

Book some here.....

Feb 6

Note

price comes to the right shoulder area...keep safe.

Feb 6

Note

Lets wait for tomorrow ...