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Wedgepatterns

Nifty forming Leading diagonal patternWave 4 expected to end near 16450. Wave 5 pending we will see it getting completed tomorrow near 16300-250. Consolidation is then expected as ABC correction. Not much happening this week. Fall should continue next week. DISCLAIMER:There is no guarantee of profits nor exceptions from losses. Technical analysis provided on the chart is solely the personal views of my research. You are advised to rely on your own judgments while taking any investing/Trading decisions. Past performance is not an indicator of future returns. Investment/trading is subject to market risks. Seek help of your financial advisors before investing/trading. Not recommended to take FnO positions based on this analysis I may or may not trade this analysis. Details in description.
NSE:NIFTY
by Niftydirection
Rising wedge confirmation keeps gold sellers hopefulDespite bouncing off 100-SMA, gold prices fail to reject the rising wedge bearish chart pattern confirmation portrayed on Tuesday. The downbeat RSI and MACD conditions also support the recent pullback targeting the 100-SMA level of $1,945. Following that, the monthly low surrounding $1,890 will gain the market’s attention ahead of the theoretical target of the stated wedge, near $1,850. Meanwhile, 50-SMA joins the previous support line of the bearish formation and challenges gold buyers at around $1,965. Should the metal prices rise past $1,965, recovery moves can aim for the 50% Fibonacci retracement of March month’s downside near $1,980. However, a convergence of the rising wedge’s resistance and the 61.8% Fibonacci retracement level, around $2,005, will be a tough nut to crack for the bulls. Other than the technical details, today’s speech from Fed Chair Jerome Powell is also likely to act as a bearish factor for the gold traders as the Federal Reserve (Fed) Boss is anticipated to hint at a faster rate hike and balance sheet normalization.
OANDA:XAUUSDShort
by MTradingGlobal
Price action screaming buy!! Or is it as simple as it looks?If we go by the textbook definition of a falling wedge pattern, the price consolidates between two downward sloping & converging lines forming a wedge shape. (Not as difficult as it sounds, just looks at the chart). As per a common understanding of this pattern, the price continues higher after a breakout to the upside. Price action in LIC Housing finance shows a nice breakout of the falling wedge pattern. The price broke out with a strong candle and above-average volumes. This is a perfect condition for a buy trade. But wait, This is not the complete technical picture. Keep reading We recently saw how a bullish Inverse head & shoulder pattern failed in HDFC, even though it had a perfect breakout condition, Positive news about the merger and almost all ideas on trading view were out rightly bullish. (Check HDFC idea in my profile, neutral and saved myself from loss) If it were as simple as identifying a pattern and taking a trade, everyone would be making profits in the market. Back to LIC Housing Finance: Along with the falling wedge, there are other technical factors. Two important levels to watch are the 200 days moving average, and the Horizontal S&R line at 389.25. The price has taken support or resistance at this line multiple times in the past. Let’s look at the positives first: • Perfect falling wedge pattern & breakout with a strong candle and good volumes. • MACD trending higher and in positive territory. RSI Strong, and other indicators in the positive territory. • Price finished its correction exactly at 61.8% Fibonacci ratio with Price RSI positive divergence before the correction ended. Now the Caution Signals: • Price trading below Strong resistance line at 389.25 and struggling to cross above. • Price below 200 days moving average (a strong resistance level). 200DMA currently trading at @400. • Whole numbers are considered psychological S&R levels and 400 is a psychological level. • Fibonacci 38.20% level @ 405.60 may act as minor resistance. Combining these points, we get a strong resistance zone between 389 to 400 and minor resistance at 405. A breakout above the wedge pattern is the first signal. The price has to breakout above the resistance zone. If the breakout happens, wait for the price to retest 200dma or Horizontal line @ 389, whichever is higher at the time. I give more weightage to Horizontal S&R lines because these are the points where most buyers/sellers are concentrated. 200DMA is definitely a strong resistance and there will be many sellers at this level. I’m cautiously bullish on this stock. The best way to avoid failure is to wait for the price to give us a confirmation. I will be following the price movement closely and update this idea when I get a buy/sell signal. So follow me and stay tuned for the next update. Post your comments. Let’s have a discussion. Happy trading. Co-Authors: in.tradingview.com in.tradingview.com Disclaimer: This is not buy/sell advice. Please do your due diligence before making any trading decision or consult your financial advisor. Sharing my analysis and thoughts for a stronger and healthier community. Cheers
NSE:LICHSGFINLong
by Sai_Kumar
7
Nifty- Ending Diagonal-Buy trigger above 17960 Hello All, Index is doing all choppy moves between 18065 & 17800 zone ( which is ongoing or running). A possible assumption can be a falling wedge or ending diagonal. ---------------------------------------------------------- Markets don't work on assumptions ---------------------------------------------------------- As a trader, never assume any wave-counts / patterns / indicators unless you get a trigger point + you need to manage your risk post getting the trigger which is the very important step - Risk management --------------------------------------------------------------- Trading Strategy - Trigger & Stop Loss Levels --------------------------------------------------------------- ----------------------- Safe Traders ----------------------- [Buy Trigger is above 17960 / after trigger - manage your risk with stops below 17920 after buy trigger/ ----------------------- Risky Traders ----------------------- You are risky trader then look close to 17800 withs stops below 17750 & Targets mentioned below. Target 1 - 18065 Target 2 - 18135 Target 3 - 18318 Thanks
NSE:NIFTYLong
by WaveTalks
31
Bitcoin Bulls display fatigue - A rising Wedge Pattern Trying to re-cross the 60000 "Psychological Mark", BTC bulls tried long at upper resistance line of the rising wedge. WIth strong resistance and exhaustive moves, it seems the bears might move in to play their part, soon. If there is a move below 56000, than we might see a some more downward motion towards 52400 or so. Saying this, until we see a breakdown, the bulls will still try to push up or keep the consolidation mode on. The rising wedge is made of converging trendlines connecting higher lows and higher highs. The converging part of the trendline indicates the decrease in upside momentum. Therefore, a downward breakage– a move below the lower end of the rising wedge – is considered a sign of bears moving in.
BITSTAMP:BTCUSD
by ABtrade1
Major Move down due 29th jan still seems to be on course!My earlier publication using fib fans to predict the dates of major upward or downward moves still seems to be on course, it seems to me market players were trying to poke fun at retail traders yesterday with a tonne of fakeouts/bouncebacks. It makes sense to me that we are facing upward pressure as we were trying to move down too fast, in my experience slower the movement(up or down) the more bars it travels, too much momentum is almost always faced by a reversal(you can probably see volume charts and notice whenever the sell volume is at peak, an upward reversal occurs and vice versa). I'm expecting a downward movement from 33k on 29th Jan. Note: I'm not making blank statements, this is just my viewpoint according to my analyisis, you could take my advice it may work, it may not, this is only a possibility that I see most likely to occur.
by Gusatvtrades
Banknifty - Weekly Analysis (18 Dec - 24 Dec)Since, this is a holiday season, the volumes are going to dry up and we should not expect any wild moves and there is a high probability that the market might be sideways the following week. However, nobody, I mean nobody, even if you are Warren Buffet, nobody knows what is going to happen tomorrow. My strong buying level is above 30950, but it should break after spending some time in the channel which is forming a wedge pattern in 1H time frame and it is not a bullish sign. My strong selling level is below 30350 and I will be more aggressive towards selling side because the market is already overstretched. If there is pattern breakout/breakdown, my short intraday targets would be 30920 level towards upside and 30400 level towards downside. A note for my dear followers - 1. Please keep your charts clean. 2. Don't underestimate yourself after seeing complex analysis by the people around you. Believe me, even they don't know what they are doing. 3. Use 1 or 2 indicators at max and stick to them. 4. Journal your trades. 5. Trust your own analysis 6. Preserve your Capital I want my followers to trust themselves before trusting others. Cheers.
NSE:BANKNIFTY
by aman_saha
Rising Wedge - "Learn More Earn More" with usWhat makes the chart interesting today is that: . BTCUSD challenging the Wedge's UpTrend. . A break bellow Wedge's UpTrend could push the pair to its $10,400 ~ $10,500 previous support areas. . A rejection at the Wedge's UpTrend, however, could lead to another retest of the Wedge's top. Will the BTC see an downside breakout against the USD? No one knows it! We have to wait and see! Learn More, Earn More, With ForecastCity!
BITSTAMP:BTCUSDEducation
by ForecastCity_ME
4