Traders should watch these Five Elements to plan their trade next.
*Penultimate Wave ( Triangular Wave) Upper trendline Upper trendline of the triangle shown in the circle can act as support so Index holding 41450- 41500 can push short term upside 41750-41800
Key Level - 41051 1st warning sign for bulls - break of key level
Critical Level - 40800 Most important level to break & bulls have to be extremely cautious
Pattern Unfolding Next? Pattern which will unfold in next few sessions as it could be last wave (pattern) of the sequence which started from 37386.35 will decide the next course of action.
Once critical level 40800 is broken - Traders have to be careful.
Comment
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2:22 pm / 7th Nov. 2022
Last @ 41461
Any bias for downside can become strong only once "key" level - 41051 gets broken & later falls below "critical" level - 40800
Thank you
Comment
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2:38 pm / 7th Nov 2022
Trade active
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3:26 pm / 7th Nov 2022
Short Target reached at 41750
Trade closed manually
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Thanks & Good Bye
Do keep your eye on key level / critical level & good wishes for New year @2023
what next can be expected in bank nifty is there any chance for fall
WaveTalks
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@srishty2704, Be careful on the tops. Long positions only good if Index crosses 42000 & holds that level. If it crosses & cannot sustain above 42000 then it is warning bell. Later break of key level- 41051 & break of critical level -40800 will indicate that pattern has topped out. Thank you