Over the past few days, there has been a steady fall in Indian yields, largely due to fall in US yields and falling crude oil prices. The rupee has been stable for over a year now; it is this kind of predictability in the economyu that makes India an attractive investment destination vis-a-vis its peers.
As we approach Mahurat Trading, we are crucial resistance...
👑 Terms used if you don't know :
✣ Contraction pattern: A pattern starting with a broadening high candlestick and low candlestick and converging to a fixed point, these highs and lows created in between them are bulls vs bears fight going on inside the pattern and if it comes to the lower part of it, surely bulls will take it to the topmost point and vice-versa...
🔰 MY thought process :
⭐After a good breakout and reversal on the D chart now this beauty is on ATMs
⭐I see good Trendline support on 30mins and a possible good setup on 15mins :)
⭐A very decent trading setup would be activated when it breaks this small trendline on 15 min TF :)
⭐Trade type: swing
⭐Pattern: Ascending triangle on small TF with a bullish structure...
🔰 MY thought process :
⭐Elliot waves for the uptrend ended while giving it an ATH now it has broken a serious trendline = downtrend but it's on its monthly support zones which were used to be resistance zones :)
⭐Also at 0.3 fibo so and making a good contraction pattern below the good uptrend line and 50dema, A buy would be initiated if it breaks the consolidation...
⭐A breakout on Month can be seen clearly if it sustains on these levels for Monday too :)
⭐Dynamic supports from 50 dema is been taken multiple times (once broken with a power candle = gap up next day above it )
⭐My calculated speculation is: a **close** above today's red candle with volume more than normal on 15min = a breakout from the pattern :), the risk...
