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"BankNifty at 44,483: Spotting the Head & Shoulders Pattern Real Time Application Date - 29th May / 30th May 2023 Head & Shoulder has unfolded on 29th / 30th May 2023 for Bank Nifty Index & Neckline is already broken to downside & we are waiting for break below 44250 -which is another key support Disclaimer: The information provided in this update is for educational purposes only and should not be considered as financial or investment advice. Trading and investing in financial markets involves risks, and past performance is not indicative of future results. Always conduct thorough research and consult with a qualified financial professional before making any investment decisions. The user assumes all responsibility for their investment actions. ------------------------------------------------------------------------------------------------------ Chart Pattern - Head & Shoulders It is a popular chart pattern used in technical analysis to identify potential trend reversals in financial markets. It is named after its visual resemblance to a head with two shoulders. This pattern typically occurs after an extended uptrend and signals a possible reversal to a downtrend. The Head & Shoulders pattern consists of three main components: Left shoulder: Forms as the price reaches a peak during the uptrend, followed by a temporary decline. Head: Subsequent rally with a higher peak compared to the left shoulder. Right shoulder: Another decline, usually lower than the head but similar in height to the left shoulder. The pattern is considered complete when the price breaks below the "neckline," which is a support level connecting the lows of the left shoulder, head, and right shoulder. The breakdown below the neckline acts as a confirmation of the pattern and suggests that selling pressure has become dominant. Here are the key characteristics and implications of a Head & Shoulders pattern: Reversal Signal: The Head & Shoulders pattern is a bearish reversal signal, indicating a potential shift from an uptrend to a downtrend. Traders and investors often interpret this pattern as a signal to sell or take short positions. Volume Confirmation: Volume analysis plays a crucial role in confirming the validity of the pattern. Generally, higher trading volume is observed during the formation of the left shoulder and the head, while the volume tends to decrease during the right shoulder. A noticeable increase in volume during the breakdown below the neckline adds credibility to the pattern. Price Target: The Head & Shoulders pattern provides a price target for the subsequent downtrend. To estimate the target, measure the vertical distance from the neckline to the top of the head and subtract it from the breakdown level. This projected distance is often considered as the potential downside target. Failure to Confirm: It is essential to note that not all Head & Shoulders patterns result in a significant trend reversal. Sometimes, the pattern may fail to confirm, and the price might continue its previous uptrend. Traders should always wait for confirmation through the breakdown below the neckline before taking any trading actions. In conclusion, the Head & Shoulders pattern is a widely recognized and studied chart pattern in technical analysis. Traders and investors utilize this pattern to identify potential trend reversals and make informed trading decisions. However, it is essential to combine this pattern with other technical indicators and analysis techniques to increase the probability of accurate predictions.
NSE:BANKNIFTY
by WaveTalks
3
BankNifty - Unveiling the Magic of Wave Analysis Near ATH-44151Introduction In the world of financial markets, technical analysis plays a crucial role in understanding market trends and making informed investment decisions. One powerful tool in this domain is wave analysis, which has proven its accuracy time and again. In a recent BankNifty analysis, wave analysis beautifully predicted the index's movements, providing traders with valuable insights. This article will delve into the fascinating details of this analysis, its striking coincidence with the actual market movements, and the subsequent implications for the BankNifty index. The Coincidence: Wave 5 and the All-Time High on short term Wave analysis involves identifying patterns and cycles within price movements. In the case of BankNifty, the wave analysis successfully anticipated the index's behavior, specifically focusing on the relationship between Wave 5 and the all-time high (ATH). Wave 5 is the final impulse wave in Elliott Wave Theory, representing the last leg of the uptrend. As per our last update **BankNifty's- Danger: Is this A Rising Wedge?– Time to Rethink** Astonishingly, the analysis predicted that Wave 5 would measure 62% of the distance covered by Wave 1-3, precisely at the level of 44085. The BankNifty index then surged slightly above the projected level, reaching 44151.70—a mere 0.10 points shy of the ATH at 44151.80. This near-perfect alignment with the projected level served as a testament to the accuracy of wave analysis. The Dark Cloud Cover Pattern: A Warning Signal Building upon the foundation of the initial analysis, the subsequent market movements confirmed the reliability of wave analysis. After hovering just below the ATH, a bearish candlestick pattern emerged, known as the Dark Cloud Cover on daily chart this week. This pattern consists of an opening above the previous day's high or close, followed by a price decline, closing below the midpoint of the prior candle. The Dark Cloud Cover, observed in the BankNifty index, provided a firm footing to the analysis, indicating that the index was likely to halt temporarily below the ATH of 44151.80. It acted as a warning signal for traders, highlighting the possibility of a reversal or consolidation in the index's upward trajectory. The Downside Move: A Potential Shift in Sentiment The subsequent session on May 17th witnessed a follow-up downside move, confirming the analysis's predictions. The BankNifty index slipped from 43950 to 43446, experiencing a significant fall of approximately 500 points. This downward movement hinted at a potential shift in sentiment, as market participants reevaluated their positions and adjusted to the prevailing conditions. However, it's important to note that the index bounced back from its lows and closed at 43748, indicating that the downside move might not be fully established yet. Traders and investors need to closely monitor future market developments to assess whether this downward momentum will continue or if a reversal could occur. The Road Ahead In conclusion, the recent BankNifty analysis using wave analysis techniques has showcased its effectiveness in predicting market movements. The coincidental alignment between Wave 5 and the ATH, followed by the emergence of the Dark Cloud Cover pattern and subsequent downside move, confirms the importance of technical analysis in navigating the financial markets. As the BankNifty index navigates these critical junctures, traders and investors should remain vigilant and adapt their strategies accordingly. The interplay between technical analysis, market sentiment, and fundamental factors will determine the index's future trajectory. Thanks for reading.
NSE:BANKNIFTY
by WaveTalks
6
BankNifty's- Danger: Is this A Rising Wedge?– Time to RethinkEarlier in The Day - When Magical Level of 43350 Holds Ending diagonal Also known as an ending wedge, is a term used in the field of technical analysis to describe a specific chart pattern that signals the end of a trend or price movement. This pattern is characterized by converging trendlines that form a wedge shape and typically consists of five waves, with the third and fifth waves being smaller than the first and second waves. Rising wedges are bearish reversal patterns that often signal the end of an uptrend, leading to a decline in prices. Few classic examples from history where rising wedges have occurred, and financial instruments have collapsed: 1. The Dot-Com Bubble (2000): 2. The Global Financial Crisis (2007-2008): A rising wedge pattern emerged in the US housing market and various mortgage-backed securities leading up to the financial crisis. 3. The Crude Oil Crash (2014-2016): Crude oil prices experienced a sharp decline between 2014 and 2016 due to a combination of oversupply and weak demand. A rising wedge pattern was evident in crude oil prices before the crash. As a trader, it is essential to be cautious and aware of potential risks when trading financial instruments that exhibit rising wedge patterns. Some tips to keep in mind are: 1. Stay informed about market trends and technical analysis patterns to identify potential reversal signals, such as the rising wedge. 2. Keep track of economic data, news, and events that could impact the financial instrument you are trading. 3. Practice proper risk management by using stop-loss orders and position sizing to minimize potential losses. 4. Diversify your trading portfolio to reduce the impact of a single financial instrument's collapse. 5. Remain disciplined and follow your trading plan, ensuring that you do not give in to emotions like fear or greed. 16th March 2023 :Last idea - Truncated Pattern Are Really Explosive : BankNifty
NSE:BANKNIFTY
by WaveTalks
11
Comex Gold - Are we Ready for Boom (Triangular Pattern)Educational Video : Triangle Pattern Unfolding Realtime Triangle is an Elliott wave pattern seen during sideways market consolidations, it is composed of 5 corrective sequences. Triangle presents a balance of forces between buyers and sellers, causing a sideways movement that is usually associated with decreasing volume and volatility. What Next? Thrust Possible beyond 2015$ & Comex Gold can attempt previous highs of 2075-2078 zone. Thanks for watching
COMEX:GC1!
by WaveTalks
6
BankNifty - Navigating The Complex Correction in 39695-39275It was all amazing last few days as we have discussing how bulls could be trapped on the top close to 39695- which is one the key levels in the unfolding triangular correction Have been student of astrology for last few years, it happened fortunately that I came across my bible book -American Ephemeris 2020-2030 on last Friday 24th March 2023 & Realised that Moon will be passing through Gemini on 27th March 2023, I quickly updated on Saturday, 25th March about bulls short term trap Wow!!! I was amazed how this structure unfolded It is a triangular correction ---------------till the time 39695 -------key level is intact on upside Trading Strategy Holding Above 39400 - minor support we look for 39630-39650 touching the falling trendline Once final leg upside is done & strictly holds below 39695 highs which should not be breached on upside, Index can drop to below targets 39275 Breaking 39275 - we look for 38925/39000 Thanks Abhishek H. Singh, CMT
NSE:BANKNIFTY
by WaveTalks
11
Bank Nifty-Truncated Wave to Halt below 39K-Can it be explosive?Exciting Session on 16th March 2023 unfolded with a temporary bounce from day lows of 38613 towards 39300 approx & a fall back to 38750 approx without making a new low or breaching below 38613 - puts strong case of truncation. Truncation is rare to happen suggesting that ongoing trend could abruptly halt in between & take a sudden reversal which could be possible case here & even highlighted 2 days back that we are close to the bottoms & looking for decent retracement & targets mentioned in last idea of 14th March 2023. Thank You & Good Night!
NSE:BANKNIFTYLong
by WaveTalks
4
Bank Nifty - Is the Crack for 2540 Points Done!!!After a big fall of 2540 points from 41671 highs as expected in the last video published on 1st March 2023 - Are we done with the current impulse? Let us check out the simplest method of price confluence which is initial wave = final wave in the impulsive structure Wow!!! Indeed that's the case as we see over the video. 39132 could be most important low & if correct then index could rally upside for targets mentioned below 41671 42000 43078 Hope you enjoyed the last idea. ----------------------- Last Idea -----------------------
NSE:BANKNIFTYLong
by WaveTalks
32
Auropharma-Portfolio Stock Getting Ready for 1000-Are You Ready?Disclaimer - " This Idea is for Educational Purpose" ----------------------------------------------------------------- Stock Has Done 6-7 Years of Sideways Correction from 2016 tops of 895 & Getting Ready for Big Impulsive Move Upside Next Holding on the parallel channel bottom & above 400 strictly. Are You Ready as a Investor. Keep watching next waves for the stock. In 2016 When I published 1st Idea on Auropharma - The Terminal Thrust & Identified the top as 895 You can check the idea on profile page - in.tradingview.com Kindly consult your financial advisor before taking any positions.
NSE:AUROPHARMALong
by WaveTalks
3
Bank Nifty - Emotional Zigzag (Weekly Outlook 9th -13th Jan2023)Disclaimer There is a very high degree of risk involved in trading. Past results are not indicative of future returns. This Video Talks About Fear & Greed - Two Visceral Emotions It is very important to control your emotions, to avoid any unfavourable outcomes for the decision made as an investor or trader in the market Settings to be applied as Author As a contributing author or following your favourite author, there are few settings to be applied in order not to miss the updates from your favourite author & vice versa. BankNifty Weekly Outlook Weekly outlook for the Index / What to be expected. Opening huge gap up for Index today @ 9th Jan2023, do not hurry up & if Index halts upside in 42650-42750 zone, look for retracement in 42200-42300 zone & managing your risk below 41900-42000 & doing your due diligence, can expect upside attempt by the index in 42800-43000 zone / above 43000 for 43200 later close by range of 43578 which is close to the parallel channel drawn from 44151 to 43578 & pulling down to connect 41597.
NSE:BANKNIFTYLong
by WaveTalks
17
Bank Nifty - What A Fall !!! 43500-43600 / Upside Push?Disclaimer There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Short Video The current fall looks very sharp & nature of X-wave from wave analysis perspective & as suggested if 42400-42500 holds then bounce can be expected upside towards 42800 / above 42800 to 43100-43200 / above 43200 for highs of 43500 back Once it falls below 42298 - current day, it can attempt 41597 lows as per Plan-D from last move / idea for 2022. Thanks for watching.
NSE:BANKNIFTYLong
by WaveTalks
16
BankNifty - The Last Move / Idea for 2022Disclaimer There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Wishing You All A Happy & Prosperous New Year 2023 !!! Short Video on Bank Nifty - The last move or idea for year 2022. Last Price - 43115 Trading Strategy Plan A - Important Support Zone 42900-43000 Index taking support close to this zone, we expect upside bounce 43500-43600 zone Plan B - Important Resistance Zone 43500-43600 Kindly do your due diligence, If Index halts in 43500-43600 or close by zone upside, we expect downside move back into 42900-43000 zone Plan C - Breaking Support Zone 42900-43000 & Holding below Index while returning back if breaks 42900-43000 then we expect 42500 downside Plan D- Critical Support Zone 42400-42500 if breached on downside Falling below 42400-42500, It can attempt 41597 where we started our idea published on 23rd & 26th Dec 2022 --------------------------------- Last Ideas Published --------------------------------- 23rd Dec 2022 - Ending Diagonal Idea at bottoms of 41600 26th Dec 2022 - Bears, Bulls & Bounce 500+ Points
NSE:BANKNIFTY
by WaveTalks
38