88-90$ is seen as strong resistance, If unable to sustain above 89$ then possible correction up to 36$.
then we may expect All-Time High again after a few years but no guarantee for ATH again because of progress in Electric Vehicles.
Main Trend seen completed in Nasdaq.
If the current downtrend is only Profit Booking then Yellow Wave (ABC) structure is possible.
If Nasdaq turns to Bear Market (If 2009-2021 Wave complete) then 1st Downtrend Wave may be like Red Wave (ABC).
How the market might behave in 2022-2023 if there are no new highs above 18600.
Every Redline is the support level of the Nifty based on Swing High/Low.
Why 18600 is the assumption for Major Top?
It's the Great Fibonacci Number Calculated in the March-April 2021.
If Nifty is unable to close above 18135 & unable to hold 18000 in this week (till 14 January) then It will be special confirmation of It was a just Relief Rally & 18605 is a Major Top. This #Projection is based on Historical Pattern of Market.
#Brent #UKOIL #Crude
Max to max again 86$ seen possible but If unable to sustain above 86$ then?
1: Interest rate hikes & Tappering in Bond buying will increase Dollar Values against every currency.
2: If unlimited given support by Central Bankers will not perform well then demand will reduce & supply will increase.
38500 was the expected maximum target, If it sustains above 38500 then 39000-39500 is possible.
But It may react as a strong Resistance. Don't be surprised if 37000 almost test today to till tomorrow.
#BankNifty is very close to the target. there is very little difference between 38260 (today's high) & the expected target of 38500.
I think We should be neutral now. HDFC Bank, ICICI Bank & SBI may become #BewafaSanam.
The structure of HDFC, ICICI & State Banks are not looking good after 12.50% gain from the Bottom in the BankNifty.
In Bullish condition, If only...
When SPX broke out to new all-time highs at the end of 2021 and the beginning of 2022, it left behind support at 4700 – the area of the old highs.
That level is now being broken & I'm assuming Major top done of 2009-2021 Bull Cycle.