Bank Nifty - Penultimate Wave ( Triangle )
Updated
As per our discussion since morning 38800-38825 has been important zone. Few reversals were seen right from that zone. Hope you enjoyed.
Banknifty - Patiently waiting, Index structure looks like unfolding a #triangle- the penultimate wave.
Penultimate wave
This is the last wave & sudden reversal can happen at tops.
Trading Strategy
Means holding our key zone 38800-38825 or Safe Traders Buy above 38900 Index can push upside for 38950-39000 / Crossing 39000 - Hold for more but also be careful at the tops as sudden reversal can also happen. Thank you
Targets
38950
Above 39000 - 39100/39200
Later Reversal for downside targets...
Banknifty - Patiently waiting, Index structure looks like unfolding a #triangle- the penultimate wave.
Penultimate wave
This is the last wave & sudden reversal can happen at tops.
Trading Strategy
Means holding our key zone 38800-38825 or Safe Traders Buy above 38900 Index can push upside for 38950-39000 / Crossing 39000 - Hold for more but also be careful at the tops as sudden reversal can also happen. Thank you
Targets
38950
Above 39000 - 39100/39200
Later Reversal for downside targets...
Trade active
14:51 Hrs / 11th Aug 2022Last @ 38885
Traders - Triangles are always most trickiest structure - you have to manage risk very properly as going below wave e will be first warning sign for the bulls & structure will be no fruitful if falls below 38778 ( which is wave-a) - indicating that index has topped out
Note
15:31 Hrs / 11th Aug 2022Correction for Penultimate Wave :
Oops! Lot of mistakes. You are correct- Penultimate is second last wave suggesting there is one last or final wave left.
Note
23:55 Hrs / 11th Aug 2022Index was again range bound post gap up opening. Almost very close to end of the session, It started moving & missed our 1st upside target - 38950 by few points & dropped back to Wave-E low
Only if Index drops below 38778 which is critical level - Index will fall downside or holding above 38800-38825 zone, It is expected to push upside for 38950 / 39000+ as suggested above
Note
09:35 Hrs / 12th Aug 2022Last @ 38763
Critical level has been breached downside for the suggested triangular structure at 38778
Traders have to be careful as suggested yesterday & such patterns have sudden reversal all indicated in the trading strategy
Trade closed: target reached
09:36 Hrs / 12th Aug 2022Last @ 38776
Our Target 1 - 38950 was achieved this morning. Thank you & Wish you a happy long weekend.
Best Regards,
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh
Growth Director - TradingView India
YouTube Channel youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
twitter.com/TalksWave
Telegram Handle
(Deleted)
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