This is in continuation of prior idea on Bank Nifty(Refer Related Ideas below).
With Continuation channels and lowering time frames for same, we look to have a falling wedge/ending diagonal on our hands, per current scenario on charts.
Per FIB levels, we have quite some support around 28600 levels approx.
Also, RSI divergence is visible as shown on...
An Ending diagonal formation on what looks like Wave C looks to be in formation.
This has possibility for ending somewhere in between 11250 and 11140 per FIB levels for fall from 11980.
Also per FIB levels for rise from 10335 to 12100, this coincides with 50% retracement.
RSI divergence is also visible as shown on charts.
Will this end the downtrend? Most...
As shown on charts RSI divergence and we have a doji formation on top. The trading range is getting narrower.
It has formed a top or closed to forming a top. Time to add to watch list and trade with confirmation.
The beauty of technical analysis is repetition of patterns, over and over again and at all time frames.
The chart shows a channel at hourly level before breaking down and heading lower. Currently we are in another channel formation which can be traded at 30/15 min level.
Two FIB levels are marked on chart for both channel which would serve as levels/targets for...
We have a Flag breakdown.
A higher level H&S (above election gap) also under progress with retest quite a bit above neckline.
With the downtrend channel in progress, we shall the price movement along the lines.
Plotted everything on chart.
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As shown on charts, we have finished double top/bottom with third bottom almost done.
A long can be initiate with minimal SL for high Risk/Reward ratio. Exit if this breaks out of channel on downside which should trigger short trade.
The bigger flag has broken down and now looks like a further smaller flag is in formation. In scenario of further breakdown, above chart shows levels of targets using Fib retracements(on various time frames) and flag targets.
This scenario will be invalid if BankNifty breaks out above, given we have a possible scenario of double bottom as well.
Be prepared and...
From the recent lows of 10k the chart shows the major Elliott cycle in green. Waves 1,2,3 are completed. Wave 3 structure is shown in blue.
Wave 4 is under progression and is most likely be a flat/irregular correction or a triangle.
Wave 4a should complete around 11200-11450 region, before heading for Wave 4b upwards for 12106/12300 range, following Wave 4c...