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EWT – Will The Bears Prevent BANKNIFTY From Reaching ATH?Timeframe: 1h BANKNIFTY(SPOT) has experienced a strong upward movement from 38613 over a period of 12 weeks, indicating an impulsive cycle. The price has completed a motive wave (3) and is now in the process of developing a corrective wave (4). The current price movement is part of a corrective structure, as it has broken below the acceleration channel and is trading outside of it. Upon closer examination of wave (4), it appears to be forming a double formation pattern. Bank Nifty has completed wave X at 44489, which is a sub-wave of wave (4), and has started forming wave C of wave (y). The overall wave perspective suggests a bearish angle. There are two potential levels where wave C could complete its formation: Wave C could end near 161.8% of the length of wave a, around 43180.9. Wave C could end near 161.8% of the length of wave W, around 43238. Traders can consider selling after the breakdown of wave a at the given price levels. They have the option to extend their target to sub-wave 3, which is expected to be around 42822. However, it is important for traders to confirm the development of wave (5) using percentage or Gann filters after the completion of wave (4).
NSE:BANKNIFTY
by forextidings
6
Higher highs and higher low patterns in EscortsI have analyse this on weekly time frame, and i found it is trading in higher highs and higher low patterns, this is a proper bullish momentum and now it is going to make higher highs from these levels, and this upward cycle can take ESCORTS towards 2400+ levels. I have done analysis on daily time frame also and i found,,,A rise in volume with a bullish candle at the market supports the bullish view in Escorts. According to daily timeframe price has surpassed the resistance from a falling trendline. The breakout candle is supported by a rise in the volume. RSI is moving in sync with the price. MACD is sustaining above its zero line. The price is touching its upper Bollinger band which is a sign that the buying interest is intact. All these observations are seen in the daily time frame. The Price can rise up to 2250-2450+ levels and above that, Stop loss will be 1950. Always trade Carefully use proper given stop loss. If anyone like my work then please appreciate me by like and follow and also comment you view on this trade. Thankyou
NSE:ESCORTSLong
by TraderRahulPal