This 5-wave will get truncated, thats why the signal is slowly forming on weekly chart ? If that happens we can see 6000 points move to the south, hugging & roaring with bears. This isn't exact trade setup, its our analysis based on the technical tools we have & how the global outlook is. Has anyone checked on US Bank Index, its up almost 20% in last 3 months, Yeah you read it right 3 months. When was the last time US bank index where at current levels - 2008 , before the recession time & big fall.
With Trump victory all are suggesting its good for US Banks & Pharma , but when you have 20% rise without any correction isn't something real fishy ? I can explain why the rise & what's fishy but it will take more lengthier post, so lets keep it crisp. Trump is good for US corporates only & its nativism, not good for US or world economy. We can't comment on his nativism but his economic/tax policies aren't good. So, the US economy & Markets also waiting for the fall.
In 2015, BankNifty fell down 7000 points & in 2016 we rose up 7000 points, A whooping 14000 points movement. With this , another 7k points down ? Crazy thought..but we will love that if history repeats itself. In DJIA also ( courtesy : Nirav ), So where-ever we look we see signs - Nifty , BankNifty , Gold , US Bank Index & DJIA... We don't know whether these will go as planned or not,but All I can see - " Winter is Coming & Bears are here to Stay ! "
If you find any other signs feel free to post it below in comments...charts also welcome, Lets Discuss...!
" Winter is Coming & Bears are here to Stay ! "
You have drawn our attention to interesting scenarios building up in Nifty and Bnf. Please guide us on trade scenarios as and when the occur.
Am eagerly looking for a 'Jackpot' Bnf trade even if prolonged one.
Request you all seniors, do share long term Option Strike, we all will carry forward as required and guided by you guys.
I would love to see friends here post US Bank Index chart and further comments from you and all you other senior gurus. Regards.
(2) Tried simple trendline on the current bullrun, only had two touches, so as long as it remains above the trendline Vedl looks like touching 300's
Cup & handle & Double top - I agree with both of them, only point we are looking at weekly so Major news event can change the scene just like that. Applies to our BankNifty/Gold/Nifty/Djia n everything as they are weekly analysis.
I found SBIN weekly chart interesting. We are in the D leg of Bearish BAT pattern. However we will have to change our X point and D point if SBIN moves above 292 level.