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Bank Nifty - Channels Basis For WavesChannels have been basis for wave analysis. Drawing them on price data offers support & resistance offering good trading opportunities. One such channel drawn from the bottoms of 37950 & connected with 39258 lows offered support to the opening low of 40288 as of today - 14th Sep 2022 Prices rallied sharp upside to new highs above 41600+ which is very close to upper boundary of the parallel channel. Can this halt the price action on upside & traders get fall again is the matter of due diligence to be done from your end. Kindly do not take this as a trading call. Thank You.
NSE:BANKNIFTYEducation
by WaveTalks
2
BankNifty-Twist & Turn-Will it die on Euphoria? Island ReversalDisclaimer: This is not an Investment Advice. Trading leveraged products carries a high degree of risk and you could lose more than your initial deposit. "Bull markets are born on pessimism, grown on skepticism, mature on optimism and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell." -John Templeton What Is an Island Reversal? An island reversal is a price pattern indicating grouping of days on either side by gaps in the price action. This price pattern occurs when two different gaps isolate a cluster of trading days. Pattern usually indicates reversal in trend - which can be short term or long term. Check the charts 7th Sep 2022 Gap down opening as shown in circle shape & 8th Sep 2022 - Possible Gap up opening in next trading session Check the Snapshot / Image - Island Reversal Pattern Try to relate with the current chart of BankNifty. Check yourself where are you in the chart & what could you expect if something similar has to repeat. Thanks for reading
NSE:BANKNIFTYEducation
by WaveTalks
9
WaveTalks - Nifty: Channel Trading Strategy WaveTalks - Nifty: Channel Trading Strategy There are three (3) types of channels: 1. Ascending Channel (higher highs and higher lows) 2. Descending Channel (lower highs and lower lows) 3. Horizontal Channel (ranging) ------------------------- Ascending channel ------------------------- An Ascending channel is a pattern formed from two upward trendlines drawn above and below a price representing resistance and support levels The ascending channel is also known as a “rising channel” and “channel up“. Ascending channel has a rectangle shape (Current Case – Nifty / 20th Oct2021) --------------------- Trading Strategy --------------------- As long as prices remain within the ascending channel, the upward trend in price can be expected to continue. 3 Supports shown as 17613 – 1st Support / 17864 – 2nd Support / 18209 - 3rd Support When executing trades based on a trendline, it is important that the trendline is a valid one / How do you know it is valid – 2 points required to draw a trendline & 3rd point which is 18209 if falls & takes support then it confirms that the trendline is a valid one. So, Any Buy or Long Trades should be executed with stops below the trendline so 18209 is an important level. Traders can keep 18200 level which is a psychological level. ------------------------- Descending channel ------------------------- A Descending channel is a pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. The descending channel pattern is also known as a “falling channel” or “channel down“. ------------------------- Horizontal Channel ------------------------- A horizontal channel is a chart pattern formed from two parallel trendlines drawn above and below price representing resistance and support levels -------------------------------------------------------------------------- The Last Idea - Bulls Yelling The Excitement - Gap Strategy -------------------------------------------------------------------------- Hope you enjoyed selling at the tops 18600 for 18200 approx. Nifty Index took support in the 2nd Gap. Are You Ready for the Next Move?
NSE:NIFTYEducation
by WaveTalks
14
WaveTalks: Nifty-Can Bulls Bounce Back?- The Irregular Triangle 6th / 7th Oct2021 The index topped at 17882 this morning was a perfect behavior for the last leg downside in an irregular triangle updated in TradingView Author status / Last idea (add on comment). 6th Oct2021 – WaveTalks: Nifty-Irregular Triangle: ( Stops Above 17890 ) Irregular structures are those which is surpassed in the next leg as it happened for Index Nifty starting 17th Sep2021. --------------------------------------------------------------------------------------- Let us take a flashback tour for Index Nifty starting 17th Sep2021. --------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------- Wave A or 1st Leg / Wave Downside- Starting at highs of 17792 on 17th Sep2021 (17792 to 17326 = 466 Points drop) ------------------------------------------------------------------------------------------------------------------------------------------------------------- Considering 17792 High on 17th Sep2021, as the start of the structure, slipped to 17326 as 1st leg downside & pushed upside in 2nd leg to new all-time highs of 17948 (From 17326 to 17948). --------------------------------------------------------------------------------------------------------------------- Wave B or 2nd Leg / Wave Upside (17326 to 17948 = 622 Points Upside Rally) --------------------------------------------------------------------------------------------------------------------- 2nd leg crossed 17792 highs & made a new high at 17948 giving us 1st clue that some irregular structure could be unfolding next as all the moves so far from 17th Sep2021 was corrective in nature which was running across my mind at that moment. --------------------------------------------------------------------------------------------------------------- Wave C or 3rd Leg / Wave downside (17948 to 17452 = 496 Points drop) --------------------------------------------------------------------------------------------------------------- The fall from 17948 highs to 17452 was again corrective in nature. This time I became 100% sure that it is a 75-80% chance that Triangle could be unfolding next & I started putting my sleeves up in excitement as I could be getting 2 legs back to back if identified correctly. This is all I was thinking like a trader. The market pushed upside right from the zone 17450-17475 buying zone suggested as PRZ (Potential Reversal Zone) in the idea published to the TradingView community on 1st Oct2021 - Bullish Gartley -------------------------------------------------------------------------------------------------------------------- Wave D or 4th Leg / Wave Upside (17452 to 17882 = 430 Points Upside Rally) -------------------------------------------------------------------------------------------------------------------- This 4th Leg had to stop below 17948 Highs if the structure had to be correct as crossing above 17948 – this whole triangle scenario could have gone for a toss as structure invalidates. Keeping that in the mind, I quickly updated all the followers in the last idea this morning before the market starts selling below zone 17800-17825 which was an important zone. I agree it was choppy as markets will never give you straight or easy moves & especially when the triangle is unfolding. ------------------------------------------------------------------------------------------------------------- Wave E or 5th Leg / Wave Downside (17882 to 17617 = 269 Points drop) ------------------------------------------------------------------------------------------------------------- This wave was choppy at the start but it was all controlled by the bears till the end of the day when Nifty made low @ 17613 & closed at 17646 @ 6th Oct2021 -------------------------------------- Few things to note -------------------------------------- Our Final Target 17550-17575 is not completed so be careful as the Index may slip to these levels & take support of the Trendline rising upside connecting Wave- A(Bottom-17326) & Wave-C (Bottom- 17452) respectively. ------------------------ What Next? ------------------------ As a trader, we want to know what next. So here it is. When Triangle gets completed which is assumed to be sideways correction in the uptrend suggests that the next wave can be upside in an explosive manner which is seen or observed as a Thrust. In current scenario, thrust is expected upside for new highs or similar highs of 17948 So, Holding Levels 17452 which is Wave C – Bottom & 17326 which is Wave A – Bottom are key & critical level of support. Till the time key & critical support holds we expect Bulls to come back & take the control or be in the driver’s seat next. ---------------------------- Target Next --------------------------- Upside Nifty Index is open to travel minimum 17948 Highs & crossing above it will easily travel 18000+ A New All Time High. -------------------- Note -------------------- Always be careful at the tops as euphoria or crazy moves may put a trader in complacent zone & we forget all about risk management. Historically, It has been observed that crazy upside moves are followed immediately by opposite downside move which can be even bigger in size if happens.
NSE:NIFTYEducation
by WaveTalks
30
Reliance- Cracks 3% - Has Wave 4 started? Downside (Top-2093)Not A Trading Call. Just for Educational Purpose Last Price-2010 / 11:46 Hrs / 11th Nov2020 ------------------------------------------------------------------------------------------------------------------------------ Recap Fall Below 2060/2065 which was updated in the last idea published as mentioned looks like an impulsive Wave-3 down finished the fall from 2310 to 1835 lows. ------------------------------------------------------------------------------------------------------------------------------- Present Day @ 11th Nov2020 ----------------------------------- From 2370 Highs - It can be counted as 1-2-3rd wave done at 1835 lows - wave 4 possibly done today @2095 & falling in wave 5 next Current upside move from 1835 to 2095 retraced close to 50 % can be possible wave-4 done at the tops (not confirmed yet) Next Support (Don't forget) -1990-2000 Question to ask - Was that Wave 4 done at the tops today or a part of corrective sequence --------------------------------------- Early Snapshot ---------------------------------------
NSE:RELIANCEEducation
by WaveTalks
11
Nifty- History May Repeat Again! Disclaimer ----------------------------- All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. ------------------------------------------------------------------------------------------------------------------------------- For Educational Purpose ------------------------------------------------------------------------------------------------------------------------------ History May Repeat Again – Ask this question to yourself & get the answer. Thanks In This Video Idea – We do quick recap for stocks • Reliance • Auropharma • Tatasteel • USDINR • ITC • Nifty Index to close the video
NSE:NIFTYEducation
by WaveTalks
10
Nifty Outlook- Ascending Triangle (Trading Plan) (22nd Oct2020)Traditional Chart Pattern- Ascending Triangle Discussed along with trading strategies in Hindi & English both. Thanks for watching the video Active Currently - Plan A - Sell Below 11955 for 11790-11810 target zone (Stops- 11960) Plan B- Buy in 11790-11810 with stops below 11750/11760 for target zone 11980-12000 Plan C- Sell Below (Strictly Stops above 12025) for target zone 11870-11880 Plan D- Buy in 11850-11875 with stops below 11790 target 12025 / 12250 +
NSE:NIFTYEducation
by WaveTalks
6