We need to rush through this description bcos there are potential chances arising already. There are 3 components we have used to examine the dynamics of BankNifty, (i) Elliot waves - Simpler the Better (ii) Trendline (iii) Patterns
There is no need for you guys to know each n every component for analysis. Just any one of above 3 component is perfectly fine to do analysis on above chart. Asking how ?! Here it is...
Elliot waves - what does it imply ? A simple 5 wave count shown in above chart, wave (v) is moving down so on the trendline (violet) breakout we can initiate shorts with proper stops.
Trendlines - Now Elliott is not needed here,Just Break of trendline is enough - You got trade opportunity but can use Elliott or other techniques for confirmation ( adding confidence ) but only thing it shudn't turn out as false breakout
Patterns - What do they say ?! They plot out most of market dynamics even what to expect next. So we have potential ABCD pattern & Gartley pattern. So if wave (v) completes at 19000 then we can have bullish chances in BankNifty.
Discussing whether patterns upside move from 19k's is bcos of elliott corrective abc's or bcos of pattern completion is No use. Its like discussing whether Hen or Egg came first ! Discussions on those won't help our trading, only trading chances help our trading, so use which ever you like - Elliott,Trendlines,Patterns ! Simpler the Better...
So as promised, BankNifty post is delivered usually people tend to be more interactive with Nifty so thats why I posted for Nifty only. Bcos the lack of interaction, discussion of ideas makes an idea dry, Pour in your thoughts to make it feel fresh & interactive which will keep me encouraged to post on BankNifty.
There is no need for you guys to know each n every component for analysis. Just any one of above 3 component is perfectly fine to do analysis on above chart. Asking how ?! Here it is...
Elliot waves - what does it imply ? A simple 5 wave count shown in above chart, wave (v) is moving down so on the trendline (violet) breakout we can initiate shorts with proper stops.
Trendlines - Now Elliott is not needed here,Just Break of trendline is enough - You got trade opportunity but can use Elliott or other techniques for confirmation ( adding confidence ) but only thing it shudn't turn out as false breakout
Patterns - What do they say ?! They plot out most of market dynamics even what to expect next. So we have potential ABCD pattern & Gartley pattern. So if wave (v) completes at 19000 then we can have bullish chances in BankNifty.
Discussing whether patterns upside move from 19k's is bcos of elliott corrective abc's or bcos of pattern completion is No use. Its like discussing whether Hen or Egg came first ! Discussions on those won't help our trading, only trading chances help our trading, so use which ever you like - Elliott,Trendlines,Patterns ! Simpler the Better...
So as promised, BankNifty post is delivered usually people tend to be more interactive with Nifty so thats why I posted for Nifty only. Bcos the lack of interaction, discussion of ideas makes an idea dry, Pour in your thoughts to make it feel fresh & interactive which will keep me encouraged to post on BankNifty.
Comment:
So Guys, H
Comment:
I Just don't understand what happened, I pressed space bar & comment updated * FacePalm*
Are you Guys Happy ? Book profits & Trail the stops from Now !
Are you Guys Happy ? Book profits & Trail the stops from Now !
Comment:
0.85 Points for 19k *Face-Palm* :D
