Get started

Wedge

Nifty Reaches 24,500 Target: Elliott Wave Analysis Disclaimer: ------------------------ Trading in financial markets involves substantial risks. Consult your financial advisor before making decisions. This commentary is not a solicitation to buy or sell. WaveTalks - Market Whispers: Can you hear them? ---------------------------------------------------------------------------------------------- General Election 2024: Impact on Nifty The 2024 General Election resulted in a clear victory for the existing NDA government, with Prime Minister Narendra Modi securing a third term. This political stability had a positive impact on the Indian market index, Nifty. ----------------------------------------------------------------------------------------------- Pre-Exit Poll Movement Before the election results were declared, we proposed an outlook for Nifty to reach 24,500 as a pre-exit poll objective. This prediction was published on TradingView as "Pre-Exit Poll Outlook - Bulls above 22,400 " on 31st May 2024. ----------------------------------------------------------------------------------------------- Achievement of Target Following the election results, Nifty saw a significant rise from the lows of 21,281 on June 4, 2024, and successfully reached our proposed target of 24,500 on July 12, 2024. However, there was a knee-jerk reaction as the index failed to surpass the 400-seat mark announced during the election campaigns, leading to some volatility when the actual results were declared on June 4, 2024. ----------------------------------------------------------------------------------------------- Unfolding Structure: The Leading Diagonal Since early March 2024, we have been discussing the potential for an explosive upside based on a leading diagonal pattern, also known as a Rising Wedge in traditional analysis. This Elliott wave pattern typically indicates a bullish trend, especially in the context of the 2024 General Election. We believed in the bullish scenario and termed it the "Leading Diagonal," expecting significant market movement. ----------------------------------------------------------------------------------------------- Why I Believe in Wave Analysis As a Wave Analyst, my journey began with a curiosity about the market's patterns and behaviors. Eight years ago, in 2016, I started writing for TradingView and was given an opportunity to look into India Business for the brand during its early expansion years in India. On a personal front, I progressed to learn the nuances of wave analysis and started applying them to publicly traded liquid financial instruments. The results were astounding, providing 90-100% accuracy in the analysis. The science behind wave analysis is robust, but it does come with the limitation of alternate views if the price breaches the cardinal rules. More details on this will be discussed in my upcoming book on wave analysis (no ETA available at the moment). ----------------------------------------------------------------------------------------------- Pattern Analysis Rising Wedge: Often seen as bearish or bullish from a traditional technical analysis point of view, Elliott Wave analysis goes one step further by identifying the pattern's nature as bullish or bearish and can complement the unfolding events. General Election 2024: The election acted as a catalyst for the bullish trend. Patience Rewarded: Participants who held their positions since October 2023 are now reaping the benefits. ----------------------------------------------------------------------------------------------- Future Outlook Key Psychological Level: 24,500 Nifty holding above the 24,500 level is crucial. If the index continues to bounce above this level, we anticipate the bull run to persist. Target: 27,620 Our next target is 27,620, where the current rising wedge in Wave-1 should travel 162% of the minimum distance if this is to be Wave-3. ----------------------------------------------------------------------------------------------- Additional Insights Reliance Long Term: Nifty Explosive Series Episodes Starting Comex Copper: These episodes as published on TradingView earlier, hinted at an explosive Nifty to unfold and how Dr. Copper’s move supported the outlook. This should be discussed as a different branch of technical analysis called Intermarket relations in my book, suggesting a strong bullish sentiment. In conclusion, the political stability from the 2024 General Election has propelled Nifty into a strong bullish trend, with a key psychological level at 24,500 and a future target of 27,620. ----------------------------------------------------------------------------------------------- Regards From WaveTalks Abhishek
NSE:NIFTYLong
by WaveTalks
3
SUNDARAM FINANCE - RISING WEDGE SINCE AN YR Hi All, This idea is about Sundaram Finance Holding Fundamentals Market Cap - 6k Cr Mkt Cap/Sales - 20.9 ROE - 12% P/BV - 1.27 Div Yield - 2.81% Technicals Price action has been in a rising wedge pattern since Jul 23 & currently consolidating at the bottom of channel for past few days. It can give a upmove of nearly 25% in very short term. Traders can take positional trades to capture the move. There is a small resistance for which traders need to be careful. Price reverted twice from that level SL will be lower channel breach Hope for a successful trade, Thanks, Stock-n-Shine
NSE:SUNDARMHLDLong
by Stock-n-Shine
Rising Wedge in nifty - bearishA rising wedge is a bearish chart pattern that typically appears at the top of a mature uptrend. Here are the key characteristics and considerations: Preconditions: A strong, mature trend in the background (multi-day/week). Wave HH1 (higher high) should be significantly smaller than the subsequent wave H. HH2 (another higher high) should be smaller than HH1. The HH-HL (higher high - higher low) structure results in a rising wedge or arrowhead. It usually appears at the potential top of a rally. Volume Characteristics: Volume during HH1 is generally lower than the volume during wave H. Volume during HH2 is less than that during HH1. Volume during wave LL (lower low) should be higher than the volume during wave HL (higher low) and L (lowest low). Confirmation: The pattern is confirmed when wave LL breaks below the low of wave HL. Psychology: Weak character of waves HH1 and HH2, along with shortening length and lower volume, suggests waning buyer interest. Breakout buyers may get trapped above H and HH1. A sharp wave LL with increasing volume indicates sellers taking control, potentially leading to a medium to long-term top. Trading Strategies: Consider booking profits (full or partial) in any long position when the pattern breaks below HL. Risk-takers might short at the break of HL, but be cautious about wide stop-loss levels (above HH2). Others can wait for a pullback on the upside (after the break of HL) to take short positions. Always aim to minimize risk, either by reducing position size or other risk management techniques. Remember, this pattern is significant when it appears at fresh high grounds (new all-time highs) or in previous areas of resistance. Keep an eye on the context and other technical factors for a well-informed trading decision1
NSE:NIFTYShort
by pradytrader1979
CESC - falling wedge A falling wedge pattern is a technical analysis chart pattern that typically signals a potential reversal or continuation of the current trend. In the context of CESC (Calcutta Electric Supply Corporation), here’s how you can understand and identify a falling wedge pattern: Characteristics of a Falling Wedge 1. **Shape**: The pattern is shaped like a wedge that is sloping downward. It is formed by two converging trendlines – a downward sloping resistance line and a downward sloping support line. 2. **Volume**: Volume tends to decrease as the pattern progresses and the price converges between the two trendlines. 3. **Trend**: The falling wedge can appear in both uptrends and downtrends. When it appears in an uptrend, it is considered a continuation pattern. When it appears in a downtrend, it is considered a reversal pattern. Identification of a Falling Wedge 1. **Downward Sloping Trendlines**: Draw two trendlines – one connecting the highs and one connecting the lows of the price action. These lines should converge, forming the wedge. 2. **Contraction**: The price range contracts over time as the price moves between the two trendlines. 3. **Volume**: Look for decreasing volume as the pattern develops, indicating less selling pressure. 4. **Breakout**: The pattern is confirmed when the price breaks out above the upper trendline (resistance line) with an increase in volume. Interpretation and Trading 1. **Reversal Pattern (Downtrend)**: If the falling wedge forms during a downtrend, it signals a potential reversal to the upside. Traders often look for a breakout above the upper trendline as a buy signal. 2. **Continuation Pattern (Uptrend)**: If the falling wedge forms during an uptrend, it suggests a continuation of the uptrend. Again, a breakout above the upper trendline is a bullish signal. Example of Trading a Falling Wedge in CESC 1. **Identify the Pattern**: Look for the falling wedge formation on the CESC stock chart. Ensure the trendlines are converging and the volume is decreasing. 2. **Wait for Breakout**: Monitor the stock for a breakout above the resistance trendline. 3. **Confirm with Volume**: Ensure that the breakout is accompanied by an increase in volume for confirmation. 4. **Enter Trade**: Consider entering a long position once the breakout is confirmed. 5. **Set Targets and Stop Loss**: Place a stop loss below the recent low within the wedge, and set profit targets based on key resistance levels or a measured move equal to the height of the wedge.
NSE:CESCLong
by pradytrader1979
BANDUSDT Falling Wedge: Is a Bullish Breakout Imminent?Yello, Paradisers! Have you been tracking BANDUSDT? The market is presenting a prime opportunity that you can't afford to ignore. Let's break it down! 💎BANDUSDT has formed a falling wedge pattern, and the price is currently sitting in the support zone, increasing the probability of a bullish move. 💎If the price shows an I-CHoCH (Internal Change of Character) in the lower timeframes, indicating a shift towards a bullish market structure, the probability of a bullish move will increase. 💎The probability of a bullish move will be even higher if the price breaks out of the falling wedge and the resistance zone together. In this scenario, we can expect a move towards the next swing highs. 💎If there is a breakdown of the support zone and the price closes below it, our bullish scenario will be invalidated. In that case, it is better to wait for a more favorable price action to form. Stay sharp and strategic, Paradisers! MyCryptoParadise iFeel the success🌴
Long
by MyCryptoParadise_Nathan
VETUSDT Descending Channel: Potential Breakout or Breakdown?Yello, Paradisers! Have you been keeping an eye on VETUSDT? The market is at a critical juncture, and you don't want to miss out. Let's dive in! 💎VETUSDT has formed a descending channel and recently bounced from a bullish order block after taking liquidity, increasing the probability of a bullish move. 💎For a confirmed bullish move, we need a breakout of the descending channel and the resistance zone together. This will significantly increase the probability in our favor. 💎If a pullback occurs, we might see a potential double bottom forming from the bullish order block. However, we need an I-CHoCH (Internal Change of Character) in lower time frames to confirm a bullish market structure. 💎If there is a breakdown of the bullish order block and a candle closes below it, our bullish scenario will be invalidated. Remember, the market is a game of patience and strategy. Stay focused, Paradisers! MyCryptoParadise iFeel the success🌴
Long
by MyCryptoParadise_Nathan
ARBUSDT: Could This Be the Next Big Breakout? Yello, Paradisers! Are you ready to catch the next big move in ARBUSDT? Let's break it down! 💎ARBUSDT has formed a falling wedge pattern and has taken liquidity, which increases the probability of a bullish move. However, there are key confirmations we need to watch for: 💎For a bullish trend confirmation, we need a breakout from both the falling wedge and the resistance zone. This will significantly increase the likelihood of a sustained upward move. 💎We can expect a bullish move from the current level, but we need to see an Internal Change of Character (I-CHoCH) and an Internal Break of Structure (I-BOS) toward a bullish market structure. These indicators will improve our chances. 💎If we see a candle closing below the small support level, this would invalidate our entire idea. If you want to be consistently profitable, you need to be extremely patient and always wait only for the best, highest probability trading opportunities. Stay focused, patient, and disciplined, Paradisers. The market is setting up for a potentially significant move, and we want to be ready! 💪 MyCryptoParadise iFeel the success🌴
Long
by MyCryptoParadise_Nathan
Valor Estate Ltd.#### 1. **Price Chart Analysis (Upper Section)** - **Uptrend Channel**: The price is moving within a clearly defined upward channel, indicating a long-term uptrend. - **Support and Resistance**: - **Channel Support**: The price has touched the channel support multiple times, confirming its validity. - **Horizontal Resistance**: There is a horizontal resistance line which was recently broken, suggesting a bullish breakout. - **Chart Patterns**: - **Falling Wedge**: A falling wedge pattern is identified near the resistance breakout, which is typically a bullish pattern. The breakout from this pattern adds further confirmation to the uptrend. #### 2. **Volume Analysis (Below Price Chart)** - **Volume Spike**: There is a noticeable increase in volume coinciding with the breakout, indicating strong buying interest. - **Volume Profile**: The volume profile highlights significant trading activity at the current price levels, providing a strong support base. #### 3. **RSI Analysis (Lower Section)** - **RSI Trendlines with Breakouts**: The RSI is at 54.85, which is in the neutral zone. - **Historical Breakouts**: The chart shows several RSI breakout points. The recent RSI trendline shows a potential bullish divergence as it moves upwards, indicating increasing momentum. - **Volume Highlight**: Volume is also highlighted in the RSI section, showing correlation between volume spikes and price movement. ### Interpretation: - **Bullish Indicators**: - **Channel Uptrend**: The price consistently follows an upward channel. - **Resistance Breakout**: The breakout above the horizontal resistance and falling wedge pattern indicates a potential continuation of the bullish trend. - **Volume Support**: Strong volume during the breakout suggests institutional buying. - **RSI Neutral**: While the RSI is neutral, it is moving upward, indicating potential bullish momentum. ### Potential Actions: - **Long Position**: - **Entry Point**: Considering the breakout and uptrend channel, entering around the current price levels could be a good opportunity. - **Stop Loss**: Placing a stop loss slightly below the channel support or the recent breakout point to manage risk. - **Monitoring RSI**: Watch the RSI for any signs of reaching overbought levels or bearish divergence. ### Conclusion: The chart presents a strong bullish case with multiple confirming indicators such as the uptrend channel, breakout from resistance and falling wedge, and strong volume support. Careful monitoring and strategic entry points with appropriate risk management could capitalize on this bullish trend.
NSE:DBREALTYLong
by brijmohan_h
Are You Ready for CHRUSDT’s Potential Breakout?Yello, Paradisers! Have you noticed the patterns forming on CHRUSDT? Let's dive into the technicals to understand the next big move. 💎CHR has formed a descending channel and within it, an inverse head and shoulders pattern. This combination is increasing the probability of a bullish move. 💎For confirmation of a bullish move, CHR needs to break both the descending channel and the inverse head and shoulders pattern simultaneously. This dual breakout would signal a strong bullish trend. 💎If there is a pullback, we can expect a bounce from the support zone. However, we need an internal change of character (I-CHoCH) here for confirmation. 💎If the support zone breaks down, it will invalidate our entire bullish idea. In this case, it's better to wait for more favorable price action to form before making any moves. Trade Smart, Paradisers! Be disciplined with your strategy, and remember: Consistency is the key to long-term success in the crypto market. MyCryptoParadise iFeel the success🌴
Long
by MyCryptoParadise_Nathan
Massive Opportunity Ahead for XECUSDT! Don't Miss Out!Yello Paradisers! Are you ready to seize a potential bullish move in XECUSDT? 📈 The market is showing signs of a major breakout, and you won't want to miss this. Let's dive into the details: 💎XECUSDT has formed a falling wedge pattern and taken liquidity, increasing the probability of a bullish move after confirmation. 💎We need a breakout of the falling wedge and resistance zone to confirm the bullish move. 💎While a small pullback entry is possible, it's riskier. I suggest waiting for the breakout confirmation for a safer entry. 💎A breakdown of the support level will invalidate our bullish outlook. Stay sharp, and let's make the most of this potential opportunity! MyCryptoParadise iFeel the success🌴
Long
by MyCryptoParadise_Nathan
Globus Spirits Wave Counting and Next Targets 1700 and 2350!Here is why we are super bullish on Globus Spirits: 1. This stock has corrected deeply from the top (61.8% Fib). 2. Falling wedge pattern (proper buying angle). 3. Hidden bullish divergence. 4. Wave analysis: The stock has completed Waves A and B, and is now ready for Wave C. 5. Ichimoku turning positive. We see great risk-to-reward in this stock. It has the potential to hit our targets and could rally even further. Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.
NSE:GLOBUSSPRLong
by WaveMoku