subhagghosh

#banknifty analysis for 8th Mar (Monday)

NSE:BANKNIFTY   NIFTY BANK
#banknifty analysis for 8th Mar (Monday)

We are forming constantly Lower High, which is an exhaustion sign until 36455 is not crossed, avoid long.

A rising Wedge is not a good sign and the wedge is broken on the lower side. Island candles are getting formed which doesn't give a good signal and a minimum target of 33,900 is what I see on the chart.

Decision Line:- 35,710

Upper Targets:- 36,019 / 36,342 / 36,664

Lower Targets: 34,410 / 35,159 / 34,800 / 34,466


My basic analysis remains the same:-
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.

John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.

Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.

Ref:- Elliot Wave 1 H TF analysis:-
Regards,
SG

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