Winter is Coming & Bears are here to Stay !

Acrophobia - Fear of Heights and a fall from the highest level can be dreadful. That's what we are looking in BankNifty , though Nifty & Gold has fallen a bit, here we are still at 20k's at the top almost forming a Double top . Whether this Double top will fail or work - we are unsure about that. This post is insync with our recent post about Nifty & Gold , remember they also show bearish signs.

This 5-wave will get truncated, thats why the double top 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 double top , another 7k points down ? Crazy thought..but we will love that if history repeats itself. In DJIA also bearish harmonic pattern ( courtesy : Nirav ), So where-ever we look we see bearish 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 Bearish signs feel free to post it below in comments...charts also welcome, Lets Discuss...!

" Winter is Coming & Bears are here to Stay ! "
Comment: I went through all the comments now & contribution you guys made & realized -" You Guys are Awesome ". Just take a look how much knowledge sharing happened over here & how interactive it became - all because of your inputs, be it news events, charts, analysis or fun facts, I just love this interaction Guys. Surely, it will help more struggling traders out there, You Guys Rock !
Comment: Any of you guys facing this discrepancy or Only Me - check the close prices & data window :
rupambose32 rupambose32
@rupambose32, my analysis
wave ii was fast and deep correction... so iv may take a while and will b sideways, so its not v wave for me still in corrective mode
InsiderB Gopal_Dhamija
@Gopal_Dhamija, Thats cool, with waves every variation of wave count with rules are correct, so I can't disagree
same charts all around showcasing close price and chart price discrepancy.
InsiderB rajesh2467
@rajesh2467, I think there is problem with tradingview datafeed itself. Last week I noticed this in SBI. I hope tradingview support will do something about Site being down for hours, slow PM's and Data discrepancy's, due to heavy traffic issues are cropping up I guess.
InsiderB, No words for your super analytical note comprising views on Nifty, Gold, Bnf, US Bank Index.

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.
+1 Reply
InsiderB rajesh2467
@rajesh2467, Thanks for the kind words, I think market is giving us a combined signal but lets see. Regarding option strike on long term, its ideal for each one to choose on their own based on risk & this is not trade setup ( atleast for Me, bcos weekly chart), so we need to wait for minimum 6 months in a trade. I guess now we have started real healthy trend of people coming out with their charts n opinions posting it out in comments section, Thanks for sharing your views !
VEDL weekly chart suggests initial set up for Cup and Handle pattern. If the pattern is right we can have a first target as 166 and second target as 125. Then the channel breakout from either of the levels will be buying opportunity. However we don't have a channel yet. :-) I am assuming from the double top formation near 233. If blown we will be back to the drawing room. Let me know your opinion on it.

+1 Reply
InsiderB nirav5
@nirav5, I checked on that on weekly, (1) If we draw Elliott's from 2010 highs there are two conclusions (i) We are in corrective wave (a) now OR (ii) Irregular correctives wave (c) but the counts are little cramped bcos of the chart.

(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.
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