3rd Oct ’23 - A double M pattern, Quadruple top - BankNifty
BankNifty Analysis
For today I had a neutral stance instead of a bearish one - mainly because we made a double bottom pattern in the last session. But the opening 5mts candle simply negated that in one go.
Still, Banknifty was staying relatively strong versus Nifty. Both of them did break the swing low - but BankNifty’s recovery was more convincing. Bulls should not take it as a good sign - because the fall and the recovery look like an inverted flag. Since it's on 5mts TF - it may not have that much significance yet.
On the 1hr TF - the W pattern stands negated. We now have an M pattern. If the preceding peaks are considered with a bearish tint - we have a double M pattern or a quadruple top. The only relief for the bulls is that the index is not making a lower low. For tomorrow I wish to change my stance from neutral to bearish and hope that the 44068 gets taken out.
For today I had a neutral stance instead of a bearish one - mainly because we made a double bottom pattern in the last session. But the opening 5mts candle simply negated that in one go.
Still, Banknifty was staying relatively strong versus Nifty. Both of them did break the swing low - but BankNifty’s recovery was more convincing. Bulls should not take it as a good sign - because the fall and the recovery look like an inverted flag. Since it's on 5mts TF - it may not have that much significance yet.
On the 1hr TF - the W pattern stands negated. We now have an M pattern. If the preceding peaks are considered with a bearish tint - we have a double M pattern or a quadruple top. The only relief for the bulls is that the index is not making a lower low. For tomorrow I wish to change my stance from neutral to bearish and hope that the 44068 gets taken out.
