CAN MARKETS SURPRISE US??? BANK NIFTYIndian markets are at an all-time high. Both Nifty and Bank Nifty are trading near their resistance levels.
Technically, a correction is due. I'm not expecting any big upside move in Indian indices.
I won't be surprised if Bank nifty corrects by 3000 points in the coming days.
This would correspond to the length of wave 3 as well as 0.618 Fibonacci retracement.
Trade with appropriate stop-loss.
PS: MARKET is always RIGHT!
Correction
High Probability of a NIFTY Correction!I've cloned the previous correction pattern (AB) and aligned it with the current top (C), which I am considering as the top of this bull run. Interestingly, the cloned correction aligns perfectly with key demand zones (highlighted as green boxes) and a trendline that has now converted from resistance to support.
Keep an eye on this. Could be an exciting time for Indian investors!
HDFC - Will it take U-Turn ? - Close from 1800 Disclaimer:
Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell.
WaveTalks - Market Whispers! Can you hear them?...........
Will the Giant Take a U-Turn after achieving all the targets 1555 was the first in the series ....
Possible Reasons for Next Expected Move
Possible Double Top at 1794 ( Will be valid until holds below 1800)
Pattern Thrust from 1630's - Key level
Elliott Wave - Corrective Sequence could be completed from the support zone 1375 - 1390 to 1800 approx highs .or about to end .mentioned in the connecting 1st idea published on 27th Jan 2024 - The Bullish Gartley
Bullish Gartley Idea ( 1375 - 1800..) - 1st Idea of the Series in Jan 2024
Enjoying Target 1 - 1555 in April 2024
Nifty at 26000 - We are almost close to 27600's Target ...Can we achieve the dream run or we correct & later push towards
From WaveTalks
Good Night
RELIANCE Levels For Intraday or swing TradingChart Overview:
Current Price: ₹6,735.851.
Recent Performance:
1 day: +0.80%
5 days: +0.48%
1 month: +0.54%
6 months: +2.42%
Year to date: +16.29%
1 year: +21.40%
5 years: +165.58%
Support and Resistance Levels:
Pivot Points:
Resistance 1 (R1): ₹6,650.37
Resistance 2 (R2): ₹6,684.38
Resistance 3 (R3): ₹6,712.77
Pivot Point: ₹6,621.98
Support 1 (S1): ₹6,587.97
Support 2 (S2): ₹6,559.58
Support 3 (S3): ₹6,525.57
Nifty IT Levels For Long or swing TradingNifty IT Chart Overview:
Current Value: ₹24,7801.
Recent Performance:
1 day: +0.76%
5 days: +1.47%
1 month: +2.40%
6 months: +12.59%
Year to date: +15.11%
1 year: +29.61%
5 years: +127.45%
Key Data Points:
Volume: Not specified
Previous close: Not specified
Open: Not specified
Day’s range: Not specified
Recent Analyst Views (August 22nd):
Price was moving in a wide range for two days and broke out above the consolidation range.
Buy Above: ₹24,780
Stop Loss: ₹24,740
Targets: ₹24,820, ₹24,860, ₹24,890, and ₹24,920
Sell Below: ₹24,680
Stop Loss: ₹24,720
Targets: ₹24,640.
Nifty: Bull market aeging, could lose steam from here !!The only train you should jump off when it's going at full speed, and not when it's slowing down, is a raging bull market Train.
lndian equity markets have had a good run in 2023 and 2024 but now could lose stream for a temporary period.
In a Bull market,
Ideally a "Horse" should be used as an indicator of the rally seen in the markets as it can run long distances at a fast pace.
A "Bull", he can at best do a short sprint and needs occasional breaks/pauses to catch is breath before charging again.
Now a consensus opinion is that market will give breakout on upside but as per my limited study, now its time to book profits on portfolio, create liquidity as it can give breakout on downside as per advanced patterns, market will again give opportunity at lower levels.
A 8-10% correction will be healthy for the upcoming bull run and the Market Breadth, correction can either start from may or after election outcome but its imminent.
Importance of time based stop lossNormally we see stop losses that are on the basis of price but i t is also important that we maintain a time based stop loss. Have a time period for stocks to see the performance, if it doesn't perform, sell and switch (you can always buy later!) to a better counter.
In this chart we can see NSE:KANSAINER has not given any returns since years. In fact on the date of posting, we are still at levels that were seen in June 2017. This share has been range-bound and has not triggered stop losses on longer time frames, however, the price correction (for whatever reason) has costed its investors (assuming they remained invested) a lot in terms of opportunity cost.
Hence, it is always advisable to have a time-based stop loss according to your system and appetite.
Bold move of gold is about to hold1. Price is out of regression,
Thats an outlier movement, which explained the intensity of the impulse, its a characteristic movement of 3rd wave
2. Internal wave structures & Primary wave analysis,
5 sub wave of 3 primary wave is am extension wave, price structure is quite stiff and resembles with Climax Top
3. Cup & Handle pattern target has achieved, have spotted 2 such a structures
4. Deviation from 200 ema
Considering these counts, price could come to 67600 Or 62500, this would be complex correction & expected to see flag formation.
👑Bitcoin Analysis: Trading Amid Price Correction📉🔍Today is Tuesday, and it's a favorable day for trading. The cryptocurrency I'm analyzing today is Bitcoin. In the initial candle of the day, Bitcoin experienced a downward movement of around 6%, reaching a support level of $63,054. We need to observe its behavior in the subsequent candles around this support level.
🌊From a Elliott Wave Theory perspective, we've seen a reversal in the lower wave cycle on the 4-hour chart, indicating a minor downturn. However, in the higher wave cycle, Bitcoin remains predominantly bullish, and this correction appears to be a minor adjustment necessary for subsequent upward movements.It's important to note that these corrections on higher time frame charts can shape long-term trends, potentially providing profitable opportunities on lower time frame charts like the 4-hour.
💪The latest key level where price bounced back is around $68,100, forming a strong Potential Reversal Zone (PRZ). This zone coincides with the Point of Control (POC) indicator of the fixed range volume profile, the 0.38 Fibonacci retracement level of the downward wave, and the resistance line of the Elliott Wave Theory. Additionally, the golden cross of the SMA7, 25, and 99 further strengthens this zone.
📊The volume of red candles confirms the short-term downward trend but currently doesn't show any weakness. We need to monitor how the volume behaves in case of a correction.
✅For traders holding short positions, consider taking profits if the price finds support at $63,054. Otherwise, exercise patience and wait for a potential drop to $60,849. If the price sharply rises, take pleasure in your profits. For risk management, set your stop-loss if the sharp upward movement occurs, as it could happen easily due to the overall bullish trend.
📉If you don't currently have a position, wait for the market to establish a new structure before taking any action. If you're unable to wait for a new structure to form, consider opening a short position when the RSI enters oversold territory. However, be aware that this is a risky move. By considering these factors, traders can identify potential trading opportunities amidst Bitcoin's price correction.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2
Market Correction or Market Crash? What you expect but soonHello Everyone,
I've conducted another analysis, indicating that we might experience a good correction, likely in the 2nd or 3rd week of January 2024. But the question is how far this correction will go?
Projected Support Levels:
1st Support: 21,100
2nd Support: 20,250
3rd Support: 19,950
I'm optimistic that the correction will be limited to 21,100, after which we anticipate breaking the Nifty50's lifetime high of 21,834 and progressing towards 23,000.
I wish you successful investing and trading.
Best regards,
Naveen
Q&A_ Is Dow Jones and global markets ready for a freefall?Namaste!
US Markets substantially affect global market and their indices. There are two main indices which I track most often. DJI (Dow Jones) and SPX (S&P 500).
I expect it to be in a downfall in the coming weeks/months.
I follow a rule of thumb for a reversal (respecting support or resistance) is that it must close below low of the resistance testing candle within the next 3 candles.
My understanding says, "there is a >60% probability of prices moving in the candles closing direction if the prices consolidate". Consolidation can happen near the resistance levels. So, it means there is a <40% probability of reversing (respecting resistance) if the prices consolidate. The logic is very simple. If the sellers were powerful enough, the price will fall quickly, whereas consolidation indicates their unwillingness to sell or more buying pressure than selling at the level.
So, the 02 Nov candle closed below the level, hence the selling pressure is strong here meaning more probably price will fall. It is my opinion because I said this happens 60% of the time. This could be that 40% when I am wrong.
Disclaimer: The above written article is based on my understanding and experience in the markets. Please do your own analysis and/or consult your financial advisor before investing or trading.
Q&A_ When to sell Ultratech?Namaste!
I often wonder why do retail people and even institutions sell when the stock has been already fell. Why didn't they sell when the stock was rising?
I follow a simple principal. Either sell it at a profit or don't sell.
Anyways, In the weekly chart of the ultratech, you must have noticed the circles I've drawn.
These circles represent the price as well as volume candles.
Rising prices should mostly be supported by the rising volumes. But in this case, the volume is falling. This can be a fake-breakout. And the number 3 is very strong indication.
This isn't the 1st time for Ultratech. The stock has proved the above statement two times previously.
Opinion to investors: Well, investors should never sell any stock they own. This isn't limited to this stock, but to any stock. But, if you were planning to add more (buy more) shares, you can wait for a correction.
Opinion to traders: Well, you can trail your stop loss to either Rs 6510 or Rs 6584. Again, both the prices has importance of their own, so don't get excited for the high SL price. The first price is based on the weekly candles and second is daily.
Disclaimer: The analysis I have shared is based on my understanding and experience in the markets. Investment does not guarantee a fixed return due to volatile nature of markets and may result in a loss. Please do your analysis and/or consult your financial advisor before investing.
Little bull is expected in NIFTY50….Elliott Wave Analysis:-
Flat correction taking place.
Slight bull is expected before a fall (or)
This may be beginning of a bull run for a short period of time.
We have to watch the wave formation.
I am not a SEBI registered advisor.Before taking a trade do your own analysis or consult a financial advisor.I share chart for education purpose only.I share my trade setup.
correction in PETRONET LNG completed.Elliott wave analysis:-
Running Flat took place with B wave as triangle. now an upside move is expected.
i am not a SEBI registered advisor. Before taking a trade do your own analysis or consult a financial advisor. I share chart for education purpose only. I share my trade setup.
Supper Bearish CoalIndia Hello friends,
it was good move came in coal india in last few days. but now days global market is looks so weak. Based on this data here coal india has super Bearish Diversion built up. if it goes correct it will give supper fall to 15-20 points. within 2 - 3 days it will give clear cut fall.
1. its on high / top of trend range
2. prices shows up but SRSI show complete down so both are not matching. it need price base correction.
3. after continue bullish it need correction to move up.
based on these points this stock is waiting for some trigger to fall. you can keep this in your watch list and tracking it.
Its not recommendation but just my point of view. So your own analysis and trade own your own risk.
Like | Share | Comment.
Thank you.
zigzag correction in BANKNIFTY ELLIOTT WAVE ANALYSIS:-
View-1:-
It seems that a zigzag wave has completed.
A bounce back looks like connecting correction wave B is forming, a little bounce back may happen to form a connecting waves in a correction form.
View-2:-
It seems that a zigzag wave has completed.
An impulse wave was emerged and an impulse 1st wave was completed and a corrective 2nd wave was completed it seems to be an emerging of impulse 3rd wave .
Expected a reasonable bounce back if the 43600 level sustains. If the level break and go down then there will be another zig zag formation may take place.
T1=44439
T2= 44586
T3=44957
T4=45274-45615
For View 2 stop loss will be 43600.
For wave 1 there will be no stop loss.
i'm not a SEBI registered advisor. Before taking a trade do your own analysis or consult a financial advisor.