From the Bottoms@8505 lows- Possibly we could be travelling into B-wave Running Triangle, which is premature to consider & an upside thrust above 8727 highs will be expected -if this turns out to be a triangle.
I will confirm a running triangle if Nifty spends some more time tomorrow between highs@8727 & lows@8650 without breaking either side- that is what a triangle always does to consume time & trap traders on both fronts.
Running Triangle is the scenario is a wild guess which will be confirmed in coming sessions -if above criteria are satisfied.
Running Triangle Triangle always have 5 internal legs, but the difference between running triangle & normal triangle is b-wave. b- wave of the running triangle will always go beyond the origin of a-wave start -in our case a-wave of triangle started at 8699 highs & b-wave travelled till 8727. in.tradingview.com
Earlier Update-
All waves overlap from highs@8968
Look for the zone 8540-8550
Struggling between 8550-8600
Bang On Target -8500
Magical Setup of 88
Can you recognize the path?
ABC or 123 Move- Same Result-Upside
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09:25 Hrs 24th Oct2016
Trading@8707
Session High@8723
Going above 8727- pattern gets invalidated & above 8730 -looks bullish. But traders could really take short term sell as one had a risk of 4-5 points. Session high was 8723 & our key resistance level was 8727 as suggested earlier. Downside -it should not break 8750 -keep moving in between the range to give us confidence in the pattern suggested. Let us wait & watch the market drama.
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09:27 Hrs 24th oct2016
Downside it should not break 8650 -typing error above
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09:40 Hrs 24th Oct2016
Trading@8702
Session Low@8685
Vow -This first fall from close to 8727 keeps the hope alive that is some kind of triangular pattern. Keep a note as stated above -Nifty should not go below 8650 -key support & taking buying opportunity close to that level shall be advisable. Make sure it should not travel below 8650 Then going above 8727-8730 -It will move up.
As expected, nifty is spending time in the zone, so likely if we see nifty travelling in the zone 8660-8670 that will be a good buying zone, but as suggested it should not break 8650 - if it breaks, then we have 8630 as another level- which I will be interested to see as support for any future buying opportunity.
Going below 8630 -we will avoid taking any long positions.
Comments
niteshkumar
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u too n last point i m careful about dow n s&p markets breached their symmetrical trianles n anytime they can crash what u say abt crash looking or not
WaveTalks
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Yaa- Something is expected to happen-they are too waiting to give clues about the election results.
niteshkumar
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thankss for ur valuable advice
WaveTalks
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Welcome- Have a lovely Night & Sweet Dreams
niteshkumar
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pls ive bank of india call option as per ur tgt should purchase or not n r u sure mkt would go in 8850-8900
WaveTalks
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Yes -this week looks that Nifty might go into 8850-8900 or may be early next week on account of Diwali- it's November 8th -U.S. Elections or just before that Market will start giving clues. Also important that gap between 8530-8570 should be intact means Nifty should not trade below 8530 but before 8530- there is 8610-8620 which could offer support to the market. Celebrate Diwali & Run Away from Markets if it struggles between 8920-8950.
niteshkumar
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bank of india can i purchase call option or not
pls tell if i try straddle theory in banknifty it is beneficial or not
WaveTalks
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I am very poor in options-so, I would be the wrong guy to suggest you about the same. There is a subject matter expert -Insider- He is a great guy - might throw some light on your query.
niteshkumar
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clapping for u ....good i m happy to see how patiently u give all answers of everyone n share ur analysis ....i totally agree with u
niteshkumar
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abhishek u r right one expert in us tv channel warned about bi sell off cming in one month n i m watching dow is not going upwards n when u seeing downfall i m thinkin in one or 2 days it will start n is it will 3 rd wave downside or not