subhagghosh

#banknifty view for 20th Aug'21:- Additional Views

NSE:BANKNIFTY   NIFTY BANK
#banknifty view for 20th Aug'21:- Additional Views

We are in ABC correction:-Wave C is mostly sharper and faster in Flat Correction . Wave “C” generally extends 123-138% of wave A but sometimes it is so drastic that it can extend 200%-261% of “A”.

The potential reversal levels are marked on the chart, in case of the gap is down don't try to short, wait for reversal signals from the downside for positional long trades.

On 4 hour time frame:- 50% & 61% projection is placed at 36,905 & 37,563 which may or may not be achieved.

E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be 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.

Regards,
SG

Comments

Atleast 2% fall assuming 700 minus bank nifty could open 34780 ,it comes 200% points correction,thank god I exited the support 35531 with stop loss, otherwise scenerio would be different and painful
+4 Reply
complete grinding lucky to come out with stop loss on Wednesday
+1 Reply
Dada you explain in such a smooth way you make it sound so simple, but you have already mastered the art of technical analysis,
Wish I had some knowledge Of this would have great learn with person like you. God Bless.
+1 Reply
Thanks Dada
+1 Reply
heading worst case level 34202 hohoho
Reply
@federalOil8875 that's also mentioned in the chart , question is from where the price will reverse and don't miss the reversal trade.
Reply
A head and shoulder pattern is formed with neck line break down candle , IF follow up candle is observed it will be good to short sell
Reply
@sudeeshgec H&S pattern success rate is very less on banknifty🙏
+1 Reply
Dada- can it be fourth wave correction( Triangle ABCDE) and up move is possible tomorrow??
Reply