BankNifty Irregular Triangle- What's Next After the 44710 Peak?

Good Morning WaveTalkers!

Before today's market sprung into action, just 15 minutes pre-start, we shared some insights. And guess what? The market performed its magic! 🎩✨

📌 Highlights:

- The Index almost mirrored yesterday's high, stopping a hair's breadth away at 44693 from the 44710 peak. WOW! 😲📈
- Now, the million-dollar question: Will the fall conclude around the 44425-44450 region? And most importantly, can we maintain above the critical 44400 mark?

📌 Let's Break It Down:

- If the last leg completes its descent, maintaining above 44400, this could potentially outline an Irregular Triangle.

Irregular Triangle:

- What's with the Irregular Triangle? In these patterns, the second wave (Wave-B) surpasses the starting point of Wave-A, giving it a unique structure.
- For the magic of this pattern to manifest, it's crucial that we don't dip below the presumed Wave-D low of 44400.

📌 What's Expected? (Trading Strategy)

- If the Index halts its fall near 44400, a sharp northward surge towards 44700 might be on the horizon.
- Beyond 44755/44760, the Index might leap to the 44925-45000 range. But beware, this zone is a potential resistance. And seasoned traders know - support is where we buy, and resistance is where we sell!

Remember, at WaveTalks, we don't just observe the market; we listen to its whispers. We translate its complex language, making it simple for you. With us, you're not just watching the waves; you're riding them! 🌊✨

Disclaimer:

The views expressed are purely analytical and not a call to action. Always consult with your financial advisor before making any trading decisions.

Stay tuned, stay sharp, and keep riding the waves with WaveTalks! 🌊✨🎉

Comment:

12:52 pm / 12th Oct 2023

Last @ 44593

Index is again doing sideways in extreme minor degree which is time wise correction so be careful as breaking on upside above 44662 - it could rush upside towards objectives mentioned or shown as big white arrow for targets of 44750 & 44925-45000 as mentioned in the description

Thank you

Trade closed manually:

11:13 am / 13th Oct 2023

Last @ 44270

What Happened Before: Be Careful

We talked yesterday about being careful because the Index was moving sideways - not going up or down, just staying the same. We were watching the number 44662. If it went above that, we thought it might go even higher to 44750 & 44925-45000. But it didn’t - it closed a bit lower at 44570’s by end of the day - 12th Oct 2023.

What Happened Today ( 13th Oct 2023): A Bit of a Fall

Today, the Index didn’t do great. It started over 200 points lower than it closed yesterday and went even lower to 44221 - that’s a total drop of over 350 points. It tried to go back up but is mostly staying the same and even going a bit lower slowly.

What Might Happen Next: Looking Ahead

Now, we’re looking at the number 44175-44200 as our support zone. This is where we think the Index might not go any lower. If in the next hour it stays above 44200 and even goes above 44300, it might go back up a bit to 44500-44550. That would be a small climb back up of 200 to 250 points. But then, we have to watch carefully again because it might face some trouble going higher in that 44500-44550 area.

In Really Simple Terms:

- Before: We were watching. The Index didn’t go up like it might have.

- Today: The Index went down a lot more than we’d like.

- Next: We’re watching to see if it goes back up a bit. But we need to be careful and watch closely.

Comment:

3:13 pm / 13th Oct 2023

It is sheer magic as Index pushed 250-300 points in the zone 44500-44550 & suggested to be careful in the zone

Made day high at 44563 & had sharp fall again & slipped close to 44300

It was 500+ points move in both the directions. Happy Weekend