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Harmonic Patterns

#Banknifty directions and levels for December 19th.Good morning, friends! 🌞 Here are the market directions and levels for December 19th. Market Overview: After the Fed rate cut, the Dow Jones fell drastically and ended with a negative change of 2.5%. This also affected the Nifty. Therefore, today the market may open with a significant gap-down, indicating that the Nifty is expected to start 330 points lower. The global sentiment suggests there is a bearish bias. If you look at the charts from a broader perspective, the Nifty is showing a negative trend, while the Bank Nifty appears to be range-bound. Thus, both indices are displaying slightly different biases. However, my expectation is that, even though the Bank Nifty has a range-bound structure, it could reach a minimum correction of 78% in the minor swing. More or less, the current trend indicates a negative outlook. If the gap-down sustains today, we can expect a continuation of the correction with some consolidation. A reversal could be considered if there is a breakout at the EMA 20 or the 38% Fibonacci level in the minor swing. Until these factors occur, the trend could remain bearish. Additionally, I checked the volume profile and EMA 200 for long-term trend projections. Both the Nifty and Bank Nifty have yet to break the EMA 200, which means the higher degree trend is still bullish until it breaks that level. However, the volume profile is showing initial indications of a reversal in the Nifty, while the Bank Nifty has not yet shown this because the 51,500 level (in futures contracts) is providing good support based on the volume profile. Conclusion: There is no clear direction yet from the combination of the Nifty and Bank Nifty charts. Therefore, we should approach this correction as a minor trend only.
NSE:BANKNIFTY
by Manickamtraders
#Nifty directions and levels for December 19th.Good morning, friends! 🌞 Here are the market directions and levels for December 19th. Market Overview: After the Fed rate cut, the Dow Jones fell drastically and ended with a negative change of 2.5%. This also affected the Nifty. Therefore, today the market may open with a significant gap-down, indicating that the Nifty is expected to start 330 points lower. The global sentiment suggests there is a bearish bias. If you look at the charts from a broader perspective, the Nifty is showing a negative trend, while the Bank Nifty appears to be range-bound. Thus, both indices are displaying slightly different biases. However, my expectation is that, even though the Bank Nifty has a range-bound structure, it could reach a minimum correction of 78% in the minor swing. More or less, the current trend indicates a negative outlook. If the gap-down sustains today, we can expect a continuation of the correction with some consolidation. A reversal could be considered if there is a breakout at the EMA 20 or the 38% Fibonacci level in the minor swing. Until these factors occur, the trend could remain bearish. Additionally, I checked the volume profile and EMA 200 for long-term trend projections. Both the Nifty and Bank Nifty have yet to break the EMA 200, which means the higher degree trend is still bullish until it breaks that level. However, the volume profile is showing initial indications of a reversal in the Nifty, while the Bank Nifty has not yet shown this because the 51,500 level (in futures contracts) is providing good support based on the volume profile. Conclusion: There is no clear direction yet from the combination of the Nifty and Bank Nifty charts. Therefore, we should approach this correction as a minor trend only.
NSE:NIFTY
by Manickamtraders
Gold trading strategy on December 19 after the FOMC newsFederal Reserve Chairman Jerome Powell stated that policymakers want to see further progress on inflation reduction before considering any future interest rate cuts. Higher interest rates reduce the appeal of assets that do not yield returns. As a result, the U.S. Dollar Index surged more than 1%, reaching its highest level in two years, making gold more expensive for holders of other currencies. Meanwhile, the yield on the 10-year U.S. Treasury bond hit its highest level in four weeks. Investors are now awaiting upcoming GDP and inflation data from the U.S., which are set to be released this week. These two key indicators could shape expectations for future monetary policy. Although the Federal Reserve reduced interest rates by 25 basis points, gold still declined sharply due to a lowered outlook for future rate cuts next year, with only two cuts expected instead of the previously forecasted four. Currently, the CME FedWatch Tool indicates a mere 10% chance of the Fed cutting rates further in January. In general, while the Fed did implement a rate cut in this meeting, it also signaled that the pace of rate cuts could slow, and future rate decisions will depend on upcoming economic data. With the indication of a pause in rate cuts and fewer expected reductions next year, it is likely that gold will continue to face downward pressure. Currently, with a slight recovery in early Asian trading, it presents an opportunity to look for a good price to sell. + Scalping strategy - Buy Scalp: 2606 - 2604 - Stop Lost: 2600 - Take Profit : 2610 - Sell Scalp : 2618 - 2620 - Stop Lost : 2624 - Take Profit : 2614 + Trading Plan - Sell Zone : 2633 - 2636 - Stop Lost : 2638 - Take Profit : ????? - Buy Zone : 2593 - 2591 - Stop Lost : 2588 - Take Profit : ????? - Buy Zone : 2585 - 2583 - Stop Lost : 2580 - Take Profit : ????? Although the outlook for interest rate cuts has diminished, and the Fed may pause further rate reductions, gold could still face downward pressure. However, in the long term, the three rate cuts by the Fed have made gold cheaper, and the "opportunity cost" of holding gold has significantly decreased compared to the U.S. dollar and Treasury yields. As a result, gold remains relatively cheap compared to the dollar. Therefore, the overall trend for gold is likely to remain upward, with any declines being short-term and driven by temporary hawkish views within the Fed. Before increasing again, gold may drop another 50-70 price, or even 100 price.
PEPPERSTONE:XAUUSDShort
by KevinNguyen-SimpleTrade
3
#Nifty directions and levels for December 18th.Good morning, friends! 🌞 Here are the market directions and levels for December 18th. Market Overview: The global market continues to show moderately bearish sentiment (based on the Dow Jones), while our local market is also exhibiting similar bearish signs. In the previous session, both Nifty and Bank Nifty experienced solid corrections. So, what can we expect today? It’s important to remember that we are in a range-bound market and currently near its bottom. This makes predicting the next move challenging. However, based on the structure, I have observed some key points: Even though the market fell yesterday, a minor diagonal structure formed at the end of the swing. If the market finds support around the immediate support level during the initial session, we can anticipate a 23% to 38% bounce back. However, the pullback can continue only if the market breaks the 38% retracement level. If it does, the next pullback targets could be at the 50% and 78% levels. Conversely, if it doesn’t break the 38% level, the market could consolidate before continuing its correction. This forms the basic structure. Let’s explain this further using the chart. Both Nifty and Bank Nifty are currently showing the same structural sentiment. Current View: Today, the market may start negatively, based on the Gift Nifty sentiment. If this happens, we can expect a minimum correction down to MDZ. After this correction, if there is a rejection, a 23% to 38% bounce back could follow. However, it is crucial to note that unless the market breaks the 38% retracement level, we cannot expect a further pullback continuation. This means the market’s bias will remain bearish until the 38% level is breached. Alternate View: The alternate view suggests that if the correction develops into a solid structure, it could continue further with some consolidation. In this case, we can use the EMA20 as a marker for potential reversals. This means the solid correction will likely persist until the market breaks above the EMA20 level. However, it is important to note that the EMA20 is reliable only during solid movements. If the market undergoes prolonged consolidation, the EMA20 could generate false signals.
NSE:NIFTY
by Manickamtraders
2
#Banknifty directions and levels for December 18th.Current View: Today, the market may start negatively, based on the Gift Nifty sentiment. If this happens, we can expect a minimum correction down to 78% retracement level. After this correction, if there is a rejection, a 23% to 38% bounce back could follow. However, it is crucial to note that unless the market breaks the 38% retracement level, we cannot expect a further pullback continuation. This means the market’s bias will remain bearish until the 38% level is breached. Alternate View: The alternate view suggests that if the correction develops into a solid structure, it could continue further with some consolidation. In this case, we can use the EMA20 as a marker for potential reversals. This means the solid correction will likely persist until the market breaks above the EMA20 level. However, it is important to note that the EMA20 is reliable only during solid movements. If the market undergoes prolonged consolidation, the EMA20 could generate false signals.
NSE:BANKNIFTY
by Manickamtraders
Bitcoin Elliott Wave Breakdown: Sharp Drop Ahead?Bitcoin Elliott Wave Breakdown: Sharp Drop Ahead? Elliott Wave Insights: #Bitcoin may be forming an Expanding Diagonal (ED) in Wave 3, signaling potential retracement. Wave 2's shallow nature raises caution for long positions. Scalp Short Setup: ⚫️ Entry: $106k–$108k ⚫️ Targets: ◾️ 0.382 FIB: $90,048 ◾️ 0.5 FIB: $85,063 ⚫️ Stop-Loss: 4H close above recent ATH. ⚠️ Risk Management: Use tight stops; avoid high leverage. Bullish momentum persists. Plan: Waiting for clearer corrections to enter long. Always DYOR. CRYPTOCAP:BTC
Short
by CryptoPatel
2
GBPUSD MULTI TIME FRAME ANALYSISHello traders , here is the full multi time frame analysis for this pair, let me know in the comment section below if you have any questions , the entry will be taken only if all rules of the strategies will be satisfied. wait for more price action to develop before taking any position. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. 🧠💡 Share your unique analysis, thoughts, and ideas in the comments section below. I'm excited to hear your perspective on this pair . 💭🔍 Don't hesitate to comment if you have any questions or queries regarding this analysis.
Short
by okako_trading
1
NIFTY Intraday Trade Setup For 18 Dec 2024NIFTY Intraday Trade Setup For 18 Dec 2024 Sell_1- From 24590 Invalid-Above 24640 T- 24400 Sell_2-Below 24300 Invalid-Above 24350 T- 24000 NIFTY has closed on a bearish note with 1.35% cut today. Yesterday we discussed that index will be bearish below 24570 and exact mentioned target of 24310 was met. Now index may continue bearish move. A good short below 24300 in case of flat opening. If at all it gaps up then 24590 will be intraday resistance as per half bat. Coming to Wednesday's trade setup, if index opens flat and a 15 Min candle closes below 24300 then we will short for the target of 24k. 24590 will be pullback short level in case 24300 is safe. T- 24400. In case of a big gap up/down, wait till 10 o'clock and mark the high and low of the trading range (5MIN). Trade on this range breakout. ========== I am Not SEBI Registered This is my personal analysis for my personal trading. Kindly consult your financial advisor before taking any actions based on this.
NSE:NIFTY
by Omahto