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Bankniftyshort

Bank Nifty heading towards 22300 this week ?The downtrend (if I may use this term) which started last week from almost 23K levels, seems to be playing out with lower highs and lower lows. The gap down of 17th May was been closed. The retracement was precisely from 0.786 Fibonacci levels. Here we have a rising channel which if taken out on the downside, will continue the downfall below 22700-22650 levels. Also, on a larger time frame (1H), there is a gap on the downside till 22300 if 22600 is broken. 22300 looks like on the cards this week. SL can be taken at 22900 (Previous high in this downtrend)
NSE:BANKNIFTYShort
by Rahulsarna
BankNifty - Beauty of Market Dynamics !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.
NSE:BANKNIFTYShort
by InsiderB
26
Banknifty Elliott Wave analysis points to a topI have marked the waves in the chart and here I will explain them a little more in detail. Wave 2 is a deep correction of wave 1 and retraces 76.4% of the wave 1. Wave 3 is a 161.8% extension of the wave 1 and is composed of five inner waves, though I have not marked them on the chart to avoid too much confusion. Wave 4 is a 38.2% correction of wave 2. Again according to the principle of alternation the wave 4 should have corrected to a lesser degree than wave 2, wave 2 was a 76.4% correction so we would have been expecting a 23.6% correction or a 38.2% correction. We got a 38.2% correction. The wave 5 is 138.2% extension of the total move from starting of the wave 1 to the top of wave 3. Another Fibonacci principle that was respected. Thus there is a good chance that we could get a pretty good correction here. We can at least expect a 23.6% correction of the total move in this impulse, in the charts that can be seen at 19606. Thats the first level that we could get in this corrective wave. I think the correction could be a little deeper than that. Post that we should turn around up and look for targets of 22,000. That of-course is for another time.
NSE:BANKNIFTYShort
by anshuman_05
1