Bank nifty case study
Bank nifty spot cmp 45344
weekly time frame
wolf wave + pre assumed harmonic formation
Bearish wolf wave formation
Index have just touched the resistance line of ascending wedge formation.
may be can still give bit higher move of 300-400 points.
may be can reverse from current levels it self,
bearish divergence on rsi and macd with respect to price.
Pre assumption of cypher pattern formation on weekly time frame.
Leg c have extended around 1.10% of Leg AB, so as per harmonic can still it extend to levels of 1.13%,
but once reversal confirms, the fall will be brutal and unexpected..
Caution ahead for bulls,,
Note i am personally short from 18600 levels and might add short at current levels on nifty..
this is not trade recommendation, take it as understanding
weekly time frame
wolf wave + pre assumed harmonic formation
Bearish wolf wave formation
Index have just touched the resistance line of ascending wedge formation.
may be can still give bit higher move of 300-400 points.
may be can reverse from current levels it self,
bearish divergence on rsi and macd with respect to price.
Pre assumption of cypher pattern formation on weekly time frame.
Leg c have extended around 1.10% of Leg AB, so as per harmonic can still it extend to levels of 1.13%,
but once reversal confirms, the fall will be brutal and unexpected..
Caution ahead for bulls,,
Note i am personally short from 18600 levels and might add short at current levels on nifty..
this is not trade recommendation, take it as understanding
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.