Hello Fellow Traders,
Let's look at an Elliot Wave pattern on NIFTY hourly Chart.
We have a clear distinction of wave 1,3 as we can see from the chart. We are into the 5th wave starting at 61.8 fib extension levels. The main trading idea should be, we wait for a proper ending of 5th wave that is expected to be a short wave considering the Fibonacci extension...
Hello Fellow Traders,
Here is a short term pattern.
We can see here a good chance of taking a short position on TITAN, Wait for a small flag and then go for the sell for a fall below 930s. put your stop loss around 960-970.
Nifty showing a loss in momentum, any position taken must be with extreme caution. MACD already showing a loosing steam.
Keep a close watch and keep strict stop-loss, short term can keep trailing exits at 9530. Medium term investors can keep their exits at 9333.
please do take into account your own study, before any decision!!.
Its a sell setup for NSE:BANKNIFTY in 240 time frame. It broke the long followed trend line since last December. Retesting and failing to break the trend line based at feb 2017(blue line) confirms a down movement, so a trader may wait for the retest and take a short position after confirmation. rest the fib levels can guide.
A short sell setup for NSE:ICICIBANK 50 % fib line is showing a bit resistance in current position. It is highly likely it comes back and retest 38% fib, if it doesn't hold, dropping to 38% is a considerable possibility. Closely watch the support and resistance points and you call the shots.
NSE:NIFTY on the edge of a long followed support line. Breaking it might give trades a chance for a short position following an hourly setup. Study the setup and you call the shots.
Hourly chat set up for NSE:ONGC Going below 192 gives a potential of short position or if it's moving up for any reason going above 200 gives a potential buy till the next resistance level on the chart.
With reference to Daily chart of BSE:BI if it breaks the below support taking a short position is more likely and if it holds series of resistance above might still provide advantage for still taking short position at even better price.