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BankNifty - The Last Leg in Bearish Bat 45600 to 47000 Disclaimer: Trading in financial markets involves substantial risks. Please consult your financial advisor before making any trading decisions. This message is not a solicitation to buy or sell. Perform your due diligence. WaveTalks - Market Whispers: Can you hear them? As discussed in the last idea today - 19th jan 2024 during last hour of trading. Index holded 45550-45600 zone rallied upside towards 45700+ We suggested to have patience & buy close to 45600 Strict Stops below 45550 Happy Saturday Trading !!!
NSE:BANKNIFTYLong
by WaveTalks
6
Bank Nifty - Head & Shoulder Target = Historical Resistance Disclaimer: Trading in financial markets involves substantial risks. Please consult your financial advisor before making any trading decisions. This message is not a solicitation to buy or sell. Perform your due diligence. WaveTalks - Market Whispers: Can you hear them? The last H&S pattern unfolded as expected. Analysts measure it by the vertical distance from the head's top to the neckline (shown in red vertical line) This measurement is then projected downwards from the neckline break ( shown as orange line) The resulting target aligned with historical resistance at 46250-46375, as updated on the last idea making of the right shoulder Day Low - 46212.95 ( 2:05 pm / 17th Jan 2024) Regarding the concept of historical resistance and support changing roles: The historical resistance at 46250-46375 might now act as support for the index. If this happens, it could provide some relief to bulls. However, whether this will occur can only be confirmed over time. This method is a one of the traditional way of setting targets in technical analysis. Have a great day!
NSE:BANKNIFTYLong
by WaveTalks
2
BankNifty -400 Points Up: Making the Right Shoulder in the IndexDisclaimer: Trading in financial markets involves substantial risks. Please consult your financial advisor before making any trading decisions. This message is not a solicitation to buy or sell. Perform your due diligence. WaveTalks - Market Whispers: Can you hear them? Today's Focus: Plan B's Mastery & The Emerging Pattern Good day, traders! As we discussed in our early 6 AM update - in the last idea of bank nifty ( Bullish Harmonic Pattern) the index followed Plan B to the letter, soaring over 400 points. A round of applause for everyone who joined in on this strategy! What's Next? We're now eyeing a fascinating development - the potential formation of a Head & Shoulder pattern . If our analysis holds true, we're on the cusp of forming the Right Shoulder. This becomes more evident if the index retraces back towards the 47,480's, all while maintaining below the 48,350-48,450 resistance zone. We might just be the architects of this Right Shoulder! Let's stay sharp and watch as the market unfolds this pattern. Stay tuned for more insights and remember, every move counts!
NSE:BANKNIFTYShort
by WaveTalks
17
IREDA vs. IRCTC: Tracking Parallel Stock Successes Disclaimer: Trading in financial markets involves substantial risks. Please consult your financial advisor before making any trading decisions. This message is not a solicitation to buy or sell. Perform your due diligence. WaveTalks - Market Whispers: Can you hear them? Analysis Overview: IREDA's performance in the stock market is drawing attention, much like IRCTC did in 2019. Trading at 119.50, a significant rise from its listing at 50, IREDA is experiencing strong and impulsive market waves. This suggests a big growth potential, aiming for targets of 155, 175, and 190. Key Points of Analysis: 1. Remarkable Growth Since Listing: IREDA's stock value has more than doubled since its listing, showing strong investor confidence and favorable market trends. 2. Potential for More Growth: The trend suggests IREDA is in a bullish phase. Its steady rise indicates an impulsive wave pattern, often leading to quick price increases. 3. Projected Targets with Support Levels: The targets for IREDA's stock are 155, 175, and 190, assuming it stays above the support levels of 107.50 (minor) and the important 100 level (critical support). These targets are based on the stock's current momentum and market optimism. 4. Buying Triggers - Buy This Stock above 127.50 post breakout or Buying close to 110-112.50 zone which retraces the latest impulsive (103 to 127.40 at minor degree) by 61.8% 5. Current Wave Analysis: The stock is currently in its 5th wave of growth within first impulsive wave sequence from the listing price of 50, which is still unfolding. 6. Comparison with IRCTC: Though they operate in different sectors, IREDA's growth mirrors IRCTC's early success in the stock market. Both being public sector companies, they've attracted significant investor interest. The Last Idea on IRCTC – Stellar Debut -The Next Station Please? 7. Investor Sentiment and Industry Prospects: The positive market reaction to IREDA is partly due to its involvement in the renewable energy sector. With growing global focus on sustainability, IREDA is at the forefront of an expanding industry, increasing its attractiveness to investors. Concluding Thoughts: IREDA's stock, with its strong growth and potential for further rise, is a key player in the market. Investors and analysts should watch its progress, as IREDA might replicate or even exceed IRCTC's success. The unfolding 5th wave in its stock pattern and the ambitious targets further emphasize this potential. WaveTalks - Market Whispers: Can you hear them?
NSE:IREDALong
by WaveTalks
3
BankNifty - Geometry in Motion: Unfolding of the Right ShoulderDisclaimer: Trading in financial markets involves substantial risks. Please consult your financial advisor before making any trading decisions. This message is not a solicitation to buy or sell. Perform your due diligence. WaveTalks - Market Whispers: Can you hear them? Market Commentary Following the update from 4th January 2024, the market has witnessed an extraordinary sequence, perfectly aligning with the anticipated Head & Shoulder pattern. The index precisely hit the resistance zone between 48,350 and 48,450, peaking at 48,381.95, before experiencing a significant drop to 47,010.80, a fall of approximately 1371 points. This movement confirmed the formation of the Right Shoulder in the pattern. Last Idea - 4th January 2024 Alternate Interior Angles As we delve into the geometrical aspects of market analysis, let's remember: Alternate Interior Angles on opposite sides of a transversal line are always equal. This mathematical principle is a reminder of the upcoming board exams in February-March 2024. Best of luck to all the students who will be appearing for their exams. Mathematics has always been fascinating, and its principles are even applicable in market analysis. In the context of Elliott Wave Analysis, the market's movements have been akin to a well-orchestrated dance. 10th January 2024 We observed a remarkable bounce from 47,010.80 to 47,662.10, marked as "O A" on the chart at a 72-degree angle. This bounce mirrored our predictions. 11th January 2024 The index witnessed a sharp decline during the end of the day session, reaching lows of 47,237 but staying above the critical zone of 47,150-47,200. Post this dip, the index rebounded, hitting all the projected upper targets on 12th January: 1. 47,550 2. 47,700 3. 47,850 12th January 2024 Magic of Neckline Extension. The extended rising neckline shown in orange colour dotted line acted as resistance, with the index halting just below it at 47,873, leading to a sharp decline to an intraday low of 47,600 (precisely 47,602), before surging upwards again towards end of the session. What's Next? Looking forward, if the index remains below the rising neckline of 47,873 and breaks below the minor support zone of 47,600-47,575, we might see a continuation of the downward trajectory. The following targets are in view: 1. Target 2: 47,400 2. Target 3: 47,235 3. Target 4: 46,900-47,000 4. Target 5: More speculative, but if the index falls below 46,800 and sustains it, a drop to the 46,450-46,550 zone is possible. 5. The 46,800-46,900 range is a critical phase to observe and possibly stay on the sidelines. As we embrace the festive spirit of Makar Sankranti and bid farewell to winter, I extend my warmest wishes for the festival. Keep an ear out for the whispers of the market and stay tuned for further updates. WaveTalks Market Whispers: Can you hear them?
NSE:BANKNIFTYShort
by WaveTalks
13
Bank Nifty Outlook- Harmonic, Historical & Impulsive 3rd Jan'24Disclaimer: Trading in financial markets involves substantial risks. Please consult your financial advisor before making any trading decisions. This message is not a solicitation to buy or sell. Perform your due diligence. WaveTalks - Market Whispers: Can You Hear Them? Pattern Insight: Bullish Bat Harmonic Pattern Measurements: - X at 47411 - A at recent highs of 48636 - B retraced 44.5% of XA leg (from 47411 to 48636) - C at 48450 Projected Zone for Point-D: Expected Range: 47550-47575 Key Reasons for the Outlook: 1. PRZ (Price Reversal Zone): The anticipated zone for Point-D of the Harmonic Pattern is between 47550 and 47575. 2.Historical Support-Resistance Play: The resistance level observed on 11th December 2023 could now serve as a support zone. 3. Market Dynamics Trivia: Hey folks, do you know what it's called when resistances transform into supports and vice versa? Question for the day, Traders! 4. Wave Analysis: The initial impulsive decline starting from the highs of 48636 could complete one of its wave degree in the 47550-47575 zone, marked in red as point-D. Conclusion: This analysis suggests a potential bullish reversal in the Bank Nifty Index around the 47550-47575 zone, based on : Bullish Bat Harmonic Pattern, Historical resistance zone which could act as support zone & Impulsive fall or drop from the highs of 48636, could complete one of its wave degree in that zone. Note - If 47550-47575 zone holds as support then a bounce may be expected upside to these levels next after opening fall tomorrow 3rd Jan 2024. 47875 / 47900 48100 Above 48100 - 48225 As always, remember that market conditions can change rapidly, and it's crucial to keep an eye on evolving patterns and indicators. Trade wisely and stay informed! From WaveTalks
NSE:BANKNIFTY
by WaveTalks
10
Auropharma : Riding the Wave: StockJumps from 397 to 1000 October 13, 2020: Identified a B-Wave shift in Auropharma (TradingView Idea Published as mentioned below), predicting a decline from highs of 1065 to lows of 397- was looking for Wave -C Downside. These are complex corrections so I changed them to X-wave (instead of B-Wave) January 30, 2023: Noted that Auropharma was close to completing an Ending Diagonal, which eventually ended the fall at the lows of 397. Ending Diagonal as per New School Analysis or Wedges as per Old School or Traditional Analysis are classical patterns which suggest that the structure is about to end & sooner or later opposite side move will start. This is the reason, why I picked this stock as portfolio stock for 1000+ as the ending diagonal started from the highs of 1065 which was most likely to get retraced 100%. February 27, 2023: Published an idea on TradingView suggesting Auropharma was preparing for a rise to 1000 as stock made a low of 397 & started rising. A classical example of V-Shaped Recovery on Monthly Chart using wave analysis. November 18, 2023 (Today): Auropharma achieved the target, touching over 1000+, just a few points shy of the previous high of 1065. This journey of Auropharma's stock is a real-world example of wave analysis in action and will be featured...story continues Regards, WaveTalks
NSE:AUROPHARMA
by WaveTalks
4
Bank Nifty Outlook: The Classic Wedge Pattern Close to 44050Bank Nifty Trading Outlook: The Classic Wedge Pattern Close to 44050 Pattern Unfolding: Classic Wedge Formation (As discussed recently ) 📐 Support Zone: 43540-43550 🛡️ Immediate Resistance Zone: 44000-44050 🚫 Bullish Signal: Index move above 43700 📈 Target Zones: - Short-term bullish view above 43700: 43850-43950 (with a possible 50 points extension) 🎯 - If selling below 44050: First target 43550, followed by 43275 ⬇️ - Break below 43275: Next levels 42900-42950, then 42600 🎯 - Under 42500: Potential test of the 42105 low from Oct 26th 📉 Previous Successful Call: Selling at the peak of 46310 on Sep 15th with a similar wedge pattern 🔄 At WaveTalks -We decode the market's whispers into actionable insights. Happy Trading, WaveTalks
NSE:BANKNIFTY
by WaveTalks
3
BankNifty Irregular Triangle- What's Next After the 44710 Peak?Good Morning WaveTalkers! Before today's market sprung into action, just 15 minutes pre-start, we shared some insights. And guess what? The market performed its magic ! 🎩✨ 📌 Highlights : - The Index almost mirrored yesterday's high, stopping a hair's breadth away at 44693 from the 44710 peak. WOW! 😲📈 - Now, the million-dollar question: Will the fall conclude around the 44425-44450 region? And most importantly, can we maintain above the critical 44400 mark? 📌 Let's Break It Down : - If the last leg completes its descent, maintaining above 44400, this could potentially outline an Irregular Triangle. Irregular Triangle : - What's with the Irregular Triangle? In these patterns, the second wave (Wave-B) surpasses the starting point of Wave-A, giving it a unique structure. - For the magic of this pattern to manifest, it's crucial that we don't dip below the presumed Wave-D low of 44400. 📌 What's Expected? (Trading Strategy) - If the Index halts its fall near 44400, a sharp northward surge towards 44700 might be on the horizon. - Beyond 44755/44760, the Index might leap to the 44925-45000 range. But beware, this zone is a potential resistance. And seasoned traders know - support is where we buy, and resistance is where we sell! Remember, at WaveTalks, we don't just observe the market; we listen to its whispers. We translate its complex language, making it simple for you. With us, you're not just watching the waves; you're riding them! 🌊✨ Disclaimer : The views expressed are purely analytical and not a call to action. Always consult with your financial advisor before making any trading decisions. Stay tuned, stay sharp, and keep riding the waves with WaveTalks! 🌊✨🎉
NSE:BANKNIFTY
by WaveTalks
8
BankNifty - Rising Wedge Drama Unfolding (Careful at Tops 46310)Hello WaveTalkers As we approach the close of this trading week, we're spotting some intriguing patterns in the BankNifty Index. Wedge Drama Unfolding? - Without giving away too much, there seems to be a rising wedge forming at the current highs. - This might hint at a potential move towards a 45299 downside target. Trading Strategy Once Index falls below 46000 - It will confirm the downside bias but careful as it is weekend & consult your financial advisor before taking any trades Next Steps - As always, we're here listening to the whispers of the waves, guiding you to make informed decisions. - Before making any trades, do consult your financial advisor to manage your risks appropriately. Thank you for being a part of WaveTalks. Have a great weekend and happy trading! Best Wishes WaveTalks
NSE:BANKNIFTYShort
by WaveTalks
20
BankNifty-Selling The Tops with Wedge: The Precise Peak 44650Hello All, Our tiny heroes reached a majestic peak at 44669 as per last idea published yesterday, just as we imagined in our dreams! This peak was not just a high point, it was a place where they could see the entire playground sprawling below. But as we all know, after reaching the top, there's a thrilling slide waiting! Our numbers decided to swoosh down, and guess where they are heading? Yes, you got it right, towards the fun zone of 44300, our lower band of support we chatted about yesterday! (Precise top at 44669 - What a sight to behold!) The Rising Wedge close to 44650’s the Rising Wedge! WaveTalks spotted - this intriguing pattern early on through last idea. It’s like a see-saw that's tilting ever so slightly, warning our number friends to be ready for a possible change in the direction of their play. And guess what? Our assumption came true! The numbers took a fabulous turn, bringing a rush of exhilaration to our adventure! (A fabulous start with a cautious note from the rising wedge) Intraday Targets 44400 44300 44150 Best Wishes from WaveTalks Remember, at WaveTalks, we're always listening to the whispers of the waves, sharing the secrets of the numbers' adventurous journeys. We ask, "Can you hear it?" The Last Idea based on 109 Session Moving Average Disclaimer: Trading in financial markets comes with its risks, and one might encounter dips and turns that could result in loss. Always consult with your financial advisor before making decisions in this adventurous playground. WaveTalks encourages a responsible and informed approach to the financial adventure.
Editors' picks
NSE:BANKNIFTYShort
by WaveTalks
31
BankNifty-The Magical Playground of WaveTalks: 109 SessionHey little explorers! Gather around because it's time to continue our fun adventure story with WaveTalks. You remember our big playground where numbers play like kids, right? Let's see what exciting things are happening there now! Chapter 1: The Big Bounce Do you remember the magical bounce we saw on July 30th? The numbers played on the swings, going up and down. They climbed so high, almost reaching the sky, but then they swooshed down really fast, just like going down a giant slide! - bounce of 200 points & reaching the 1st target at 45790’s - actual high was 45782 - Wow!!! - What a fall, Resistance of 109 session moving average. Later Fall of 2000+ points close to our target of 43345 - Actual low was approx 43600 Chapter 2: Trampoline Fun In August, our numbers found a magical trampoline where they bounced happily, going "boing, boing, boing" between two special numbers: 43940 and 44000. It was so much fun watching them bounce up and down! ( Taking support of 109 session moving average - What A mysterious X-wave bounce for 500+ points) Chapter 3: X-Wave's Secret As we moved to the end of August, we met a friendly wave called X-Wave. It whispered a secret to us: "If the numbers stay above a special spot, they can jump up even higher!" And guess what? On the first day of September, the numbers did just that, they jumped up like they were on a bouncy castle, making everyone cheer with joy! ( finally bouncing above 43900-44000- same old zone support of mysterious X-wave & 500+ points bounce repeated again) Chapter 4: The Magic of 109 session Moving Average Now, here's where the magic happens, friends! There's a magical number - 109. It's like a magic wand that helps us understand where the numbers might go next. Right now, the numbers are playing in a special area between 44300 and 44450, and guess what, it's been 109 session, since they started playing here! ( could act as support zone once again like how it provided support to Mysterious X-wave ) Intraday Moves If they continue to play nicely in this area, they might climb up a tall ladder to a new fun spot at 44650. And if they are really happy there, they might even climb a little higher to 44750, where they can see the whole playground from above! What Happens Next? Well, little adventurers, now we wait and watch. If the numbers play happily at 44750, they might go even higher, just like flying with balloons. But remember, sometimes they might also come down to try a new slide or swing. That's the fun part, we never really know, but we can always guess and have fun watching them play. Best Wishes from WaveTalks So, are you riding these waves with us? At WaveTalks, we say, "Can you hear it?" Disclaimer: Trading in Financial markets is risky, and one could lose part or all of their invested capital. Always trade based on the advice of your financial consultant.
NSE:BANKNIFTYLong
by WaveTalks
2
BankNifty: The Journey Continues Post Mysterious X-Wave (Buy) Having journeyed with us through the enigma that was the Mysterious X-Wave, you'd be keen to know, "What's next on the horizon for BankNifty?" Having witnessed the roller-coaster oscillations between 43940 and 44779, and having dived deep into the "Magic of Centre Line Reversal," here we present the way forward. Reassessing the Ground As you've seen, the significance of the 44000 mark can't be stressed enough. It stands as not only a psychological barrier but also a critical structural support. At the time of penning this update, BankNifty is maintaining its grace above this level at 44065, showcasing its resilience amidst market volatilities. The Immediate Roadmap The zone between 43900 - 44000 is paramount. A strong foothold here can act as the springboard for the index. ( Avoid Trades Below 43900 ) 1. Initial Target: If the index continues its momentum and remains adamantly above 44000, our immediate upside target stands at 44178. A decisive push past this can pave the way for higher peaks. 2. The Big Play: Should BankNifty rise and hold firm between 44180 - 44200, this would be the cue for bullish sentiment. In such a scenario, we are looking at an optimistic run towards 44400 and potentially even further. To Sum It Up The next phase of this thrilling journey hinges on these crucial levels. As always, it's imperative to have a tactical approach. Ensure your strategy is tight, stops are in place, and you're ready to pivot based on the index's behavior. Remember These levels and strategies are a mere guideline. The dynamic nature of financial markets can sometimes be unpredictable. Always ensure to consult with your financial advisor and make informed decisions. Disclaimer Trading in Financial markets is speculative and involves substantial risks, including the risk of loss. Always trade based on the insights and advice from trusted professionals. Stay Tuned, Ride the Waves, and as always, Listen Closely. Can you hear it? Warm Regards, WaveTalks
NSE:BANKNIFTYLong
by WaveTalks
6
Bank Nifty - Magic of Centre Line Reversal & 43940 (WaveTalks)Magic of Centre Line Reversal & 43940 Greetings fellow traders and wave enthusiasts! Let me take you back to our previous idea. The Last Idea - Selling only Below 44500 We eyed selling below 44500. However, as markets are full of surprises, it opened gap up above 44500, invalidating our idea. But keen observants would've noticed my comment at 2:15 pm on 24th Aug 2023 warning about a possible trap for the bulls. As foreseen, the index took a nosedive, opening gap down and plummeting almost 500+ points. Bank Nifty at 11:08 am / 25th Aug 2023 But here's where it gets intriguing: Enter the "Magic of Centre Line Reversal ." If you've drawn a precise parallel channel and ticked the middle line option, you'd have witnessed the fall from 44950 halting very close to the minor support zone at 43940. The day's low was a near-touchdown at 43983. The current price rests at 44065. With the index teetering close to the 44000 mark, it is pivotal to understand the gravity of this number. This isn't just a figure; it's a significant support zone. A solid hold above this can very well propel BankNifty to levels of 44500+. So, here's the game plan: Strictly plan to buy only if it holds firm above 44000. Remember, battles in trading, like in life, need readiness. Without the right preparation, even the smallest skirmishes can go awry. Mysterious X-Wave Diving deeper into the WaveAnalysis, from a wave's perspective, BankNifty is weaving a complex pattern. We identified and decoded the elusive 'Mysterious X-Wave' and reversed our stance right at the pivotal support close to 43940, aiming for 44500+ . So, are you riding these waves with us? At WaveTalks, we say, "Can you hear it?" Before we wrap up, a gentle reminder: Trading in financial markets can be volatile. There's potential for gains, but losses are also part and parcel of the journey. Please venture only based on the advice of your financial consultant. Disclaimer: Trading in Financial markets is risky, and one could lose part or all of their invested capital. Always trade based on the advice of your financial consultant. Best Wishes, WaveTalks
NSE:BANKNIFTYLong
by WaveTalks
7
BankNifty:Tale of Triumph and Trials,Bulls or Bears-Which Side?Netflix - Scoop The riveting Netflix web series "Scoop" brought to life a powerful saying from the book **"Behind Bars in Byculla: My Days in Prison" by Jigna Vora**. The line, **"If someone says it’s raining, and another person says it’s dry, it’s not your job to quote them both. Your job is to look out of the window and find out which is true" is a fitting metaphor for our exploration of the BankNifty index.** Here, we don't just parrot what others say, we strive to unravel the truth behind the numbers and the patterns. **The story began at WaveTalks**. On the 25th of July, 2023 we published an enticing TradingView idea focusing on the BankNifty Index and outlined an **Expanded Ending Diagonal** . For the adventurous risk takers, we pointed towards potential targets: - First stop at 46155 - A second milestone at 46263 - The final leap to 46369 The narrative took a thrilling twist on the 27th of July, 2023 . The Index raced towards our 3rd target, pausing just short at 46310. Then, it took a breathtaking nosedive, shocking the bulls with a Niagara-like fall from the highs of **46310 to the lows of 45238**. **Now, traders are left wondering, "What's next?" The markets never sleep, so our story continues...** **On the larger timeframe-4 Hour Chart** We're seeing the formation of a tantalizing pattern - a potential rising wedge once again. **But here's the caveat**: **the Index needs to hold its footing at the crucial psychological level of 45525 to bounce back upwards.** **If we stand firm above 45525**, we're looking at an exciting upward trajectory: - First target at 45790 - Second target at 46300 - Third target at 46500 - **And if we cross beyond 46500**, we're aiming for a final target between **46900-47000+**, coinciding with the completion of the wedge pattern. **Here comes the thrilling climax**. **What happens after reaching a new all-time high?** Brace yourselves as we could see a rerun of the Niagara plunge from the 27th of July, 2023. From the new all-time highs of around 47000, the Index could potentially tumble to 43345, as marked by the menacing black arrow downside. **WaveTalks** wishes everyone a joyful weekend! As we delve into the narrative of BankNifty, we ask you - are you siding with the bulls or the bears? Stay tuned for more, and remember, it's not about echoing what others say, it's about understanding what's unfolding in the market.
Editors' picks
NSE:BANKNIFTY
by WaveTalks
18
"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 Tidal Wave- Ride or Crash? 15th May 2023Welcome back to another episode of Wave Talks. Bank Nifty's Tidal Wave -Ride or Crash: Index can face a significant shift with the unfolding ending diagonal. Will you ride the wave to profit or crash on the shore? Unfolding wedge pattern It's time to reconsider Bank Nifty's pattern as it poses a risk. Let us discuss in details price objective & outlook for next few weeks with key & critical levels for better risk management. Last Idea - BankNifty's Danger -Is this a rising wedge
NSE:BANKNIFTYShort
by WaveTalks
10
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
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COMEX:GC1!
by WaveTalks
6