Mahindra & Mahindra Ltd - Double TopMahindra & Mahindra Ltd looks like a SHORT candidate from here. It has formed Double top and is on Support line. However, the other indicators suggests that it will break the support and can be shorted from here.
Double Top
Double top short GAILSimple classical double top has given a breakout and price are testing from the below. Short entry is possible at this level.
Winter is Coming & Bears are here to Stay ! Acrophobia - Fear of Heights and a fall from the highest level can be dreadful. That's what we are looking in BankNifty, though Nifty & Gold has fallen a bit, here we are still at 20k's at the top almost forming a Double top. Whether this Double top will fail or work - we are unsure about that. This post is insync with our recent post about Nifty & Gold, remember they also show bearish signs.
This 5-wave will get truncated, thats why the double top signal is slowly forming on weekly chart ? If that happens we can see 6000 points move to the south, hugging & roaring with bears. This isn't exact trade setup, its our analysis based on the technical tools we have & how the global outlook is. Has anyone checked on US Bank Index, its up almost 20% in last 3 months, Yeah you read it right 3 months. When was the last time US bank index where at current levels - 2008 , before the recession time & big fall.
With Trump victory all are suggesting its good for US Banks & Pharma, but when you have 20% rise without any correction isn't something real fishy ? I can explain why the rise & what's fishy but it will take more lengthier post, so lets keep it crisp. Trump is good for US corporates only & its nativism, not good for US or world economy. We can't comment on his nativism but his economic/tax policies aren't good. So, the US economy & Markets also waiting for the fall.
In 2015, BankNifty fell down 7000 points & in 2016 we rose up 7000 points, A whooping 14000 points movement. With this double top, another 7k points down ? Crazy thought..but we will love that if history repeats itself. In DJIA also bearish harmonic pattern ( courtesy : Nirav ), So where-ever we look we see bearish signs - Nifty, BankNifty, Gold, US Bank Index & DJIA... We don't know whether these will go as planned or not,but All I can see - " Winter is Coming & Bears are here to Stay ! "
If you find any other Bearish signs feel free to post it below in comments...charts also welcome, Lets Discuss...!
" Winter is Coming & Bears are here to Stay ! "
InsiderB
Sun Pharma Short Setup (Double Top)It is been observed that price action failing to breach 770 levels due to selling pressure on higher prices that limiting the price action to 770 levels where it formed a double top (V-shape). Now it is a good time to short it with stoploss at 770 levels.
Target: 745
Stoploss: 770
Risk Reward: 1:5
Nifty : DoubleTop or Trendline Retest ?Hi Guys,
Just two simple scenario's in Nifty, so the details in the chart repeats :
I see two scenario's or potential formation for long/short trade setups.
(i) If Market opens Gap Down, Nifty can find support in the zone below 8800's n bounce back
(ii) If Market moves up & gives bearish reversal around 8880's we can enter short
(iii) Breaking any of the support/Resistance will determine the direction I believe else another ranging day, which I don't expect it to be.
Just an info for harmonic traders,last week bearish Gartleys target 2 around 8770's.
Happy Trading !
Nifty : Will Double Top & Gartley work Together ?!So, just by one quick look on the chart you will be know about the beautiful Gartley {updated yesterday morning, so I'm not sure how many of you noticed} and Potential double top formation. We predicted Nifty will taking off after Fed's but turned out to be profit booking & boring day. I don't have much expectations today also.Nifty may be ranging within 8900's - 8840's. The trade setups we have today are :
(i) If Double Top confirmed with Bearish Reversal - Short Nifty
(ii) If we find support at zone marked in green with Bullish Reversal - Long Nifty
We have Simple 5-wave Elliot completion, charts will look messy if I draw everything on Nifty. So left it out.
Pattern & Double top completion increases confidence only, doesn't mean 100% winning potential.
How easy it is... I want Nifty to be this easy everyday, Just under 180 seconds Flat, analysis is over for the day.
Nifty 50 : Looks can Deceive, So Beware !Nothing fancy today, No patterns or complex wave counts... Simple Double Top in Nifty. But is it Valid Double Top ? Actually, if Nifty is @ 8968's we can vouch that its very much valid double top but its few points away and we have resistance zone also. Nifty is known for its mischievous Gap openings, so lets wait n watch whether we get bearish confirmation in this 8950's-70's zone. We are on hourly, so if you want to check on 15mins, do an analysis before entering short in lower timeframe with Double top on Hourly.
Moreover, if Nifty don't go down with Double top 8950's - 9000's play vital role in whats gonna happen next. Its how fast Nifty Crosses this zone or repelled back or Range in the zone. So this zone also plays important role,just keep note of it.
More to come in this space...
Reliance Capital - Breaks Out Trending Line with Double Top It is been observed that the price action breaks out from a trending channel and then the selling seen at the double top that confirms selling and the price action shall move down to the previous resistance, now shall be acted as support.
Target: 454
Sl: 474
