The 4 hour chart of EUR/USD has formed double bottom pattern.
It has also formed an ascending channel.
It may retest the broken resistance before resuming its up rally.
The price is fixed above the psychological level of 1.4 at the moment. So we expect further growth of our pair.
It has overcame the resistance level and had been over the upper boundary of the triangle. Therefore, we will expect further price advance up to approximately the level of 1.42 from which a price correction is possible.
Just for study purpose!
Measuring the ratio of MA difference and the length of correction and trying to predict what will be the price before bull starts again?
May be 9288-9300
Based on previous MA cross and length of correction
gap between 20 week and 200 week MA / length of correction = ratio
2305 / 1768 = 1.3
1199 / 676 = 1.77
average = 1.535
1859 / x = ...
the possible triangle and rectangle are shown....there are good chances that the corrective will be over in the coming week and this will give a trending move, as far as the direction of move is concerned , the best practice is to wait for price acceptance outside the boundary of corrective , and than initiate trade .
Nifty would give bullish correction towards 10700 - 10850 range which is 50 to 61.8% Fib Retracement from where it might again start its down correction towards 10,000.
Happy Trading!!
USDINR should test Rs 64.50 and 65 levels in coming few days which will act as major resistance zones.
Once cleared , a fresh view can be taken !
RAJIVKHATLAWALA
Nifty 50 is in a upward trend. To sustain it a correction is necessary. Between feb and march Nifty 50 might retrace to 0.618 fib levels. That would be around 10500. RSI shows a down trend and MACD is also moving towards a cross over.
However we need to keep a close look as budget on Feb 1 might influence the direction of Nifty 50.
Do your own research before ...
It has been observed that the price action rallied a long wave up. It made a new high but could not sustain and now indicating further correction from here on. MACD indicating a negative crossover too.
T1: 1350
SL: 1450
In monthly, ew count shows that sub wave C of wave (2) is going on here.
Here are the fractals of wave (2) in daily, https://in.tradingview.com/x/JR0zn0ZA/.
fibo extension of sub wave C. https://in.tradingview.com/x/8FknQmj5/ . 1(1251), 1.272(1085) quite possible here.
fibo retracement levels for wave (2). https://in.tradingview.com/x/Ee1mcrdL/ .382(1235), ...
After a Sharp Weekly drop last week nifty might consolidate with 50% upmove and if the upmove is a corrective wave pattern then a potential down move would take Nifty to test the previous breakout levels around 9100 levels in the coming weeks. The current down move can also turn out to be a side ways movement for several weeks which would mean new highs would come ...
AVOID long unless closing above 9709 (unlikely), indicators are set for short.
A break of trendline followed by negative MACD crossover could lead to a correction.
Was thinking of going for a 9800 CE SELL and 9200 CE BUY? any opinion? P.S: I'm very new to options.
STEEM has had a great rally this past week, with BTC rallying, Its time for the alts to consolidate and bottom out before the new alt season. STEEM is expected to fall back to the 33-35k sats support region before its next rally.
Nifty is showing three strong signals for correction
Signal 1 : A Negative Divergance is seen on the daily charts of Nifty 50 which is showing weakness...
Signal 2 : On weekly charts a Shooting star pattern is forming...
Signal 3 : RSI at weekly charts is highly at overbought zones...
Now for next few days small cap may run and many people will turn ...
One can expect the price to see a correction of atleast 5% in the coming days after a sudden spike in price by almost 37% in a little over 3 months.
RSI on daily chart indicates that it is in overbought territory and the overall trend is downwards as well after the price peaked in early 2015.
It seems that the upside momentum in nifty has got exhausted and may see a correction up to 8600 price levels for short term, one can see that nifty is forming a rising wedge kind of pattern which is a bearish pattern, whereas price action in other emerging market indices also seems to be bearish and experience a correction.
