BankNifty seems to be forming a descending broadening pattern.
Statistically (Taking Thomas N Bulkowskis book as a reference) an upper breakout is preceded by a partial decline (as in this case) around 87% of the time.
Target in case of a breakout on the upper side would be the top of the pattern which is 35650.
Please note - Not a SEBI...
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✺--------------------LOGIC of the trade----------------------------- ✺
✣The Green area is the weekly support zone
✣The blue trendlines depict resistance lines and support lines of a broadening pattern for downwards
✣The yellow lines show a parallel channel in making
BRITANNIA - Broadening wedge pattern formation at weekly TF
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Expecting TVC:USOIL to go for a sharp correction.
Harmonics 4-point & 5-point pattern helped identify a Potential Trend Reversal Zone, where bullish movement may end & trend may reverse.
Got a terminal candle confirmation in the PRZ.
Also, in a broader view prices formed a Broadening Wedge Pattern (a-b-c-d-e wave structure) which might possibly be...
Prices were moving in such a way that it has formed "Broadening Bottom" pattern. The pattern is perfect with alternate touches on both sides and it has given breakout today. Pattern trader can use the setup for their trading with price expectation of 575.
Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
Happy Monday Guys, As I always say - only we the traders welcome Monday with happiest smile :) Atleast I do, bcos we are getting back to what we love to do.
So here we have bullish run in IGL then wedge kinda broadening formation, then breakout to upside, so longs are wise in IGL, towards the target of 1200's -1180's zone. Check what's your risk before entering,...
This one is Ascending Broadening Wedge here in Banknifty and time is not ripe for its breakout yet, probably up side trendline needs to redrawn depending on todays close ( if positive ) but this is not yet ready for breakout. So go on 15mins in Banknifty and find trade setups to take trading decisions.
For expiry, will post out range by 2mrw, yet to do that part...