#banknifty :- Weekly view (Week starting 9th Jan'23)
Looks like the complex correction in the 4th wave is in progress, last 2 days of fall were an impulse, which will be followed by the ABC correction, which gives a target of 42,928 on the upside.
#banknifty Weekly Time Frame Analysis:-
5th Wave in progress, ending diagonal formation in progress, which gives a target of 46,146 on the upside.
Once wave 5 is complete, then only will think of any major correction, which might be after the budget.
Crisp and clear, this doesn't any clarifications.
#banknifty is struck in the RANGE.
How do you trade?
1. Play the range:- SELL straddles, SELL Strangles, SELL IRON CONDOR.
2. Wait for BREAK and go for directional trade outside the range.
Trade with low volume, nothing much to do in the market in the month of DEC.
#banknifty analysis on hourly time frame:-
Laxman Rekha 41,840 (above positive and below negative)
Friday DOJI on Daily timeframe on multi-year breakout 41,840, showing bulls are not confident on breakout and bears doesn't have the conviction to short.
Friday LH - 41,918-42,345, any side 15 min candles close can give you 500 points.
Lower time frame, 5th...
#banknifty has been trading in a tight range for the last 9 days, the structure looks like losing strength.
Next week, I would rather stay cautious at the higher levels, as market participants are bullish.
#banknifty weekly TF analysis:-
Let me post what exactly I am seeing on Weekly Chart:- We have come out of triple combo complex correction of the 4th wave and currently, the 5th wave is running, the bare min target of this wave is 47,570 and the invalidation level is 32,290.
We hope to see these levels in the next 6 months to a year.
#banknifty Lower TF:- People will be more interested, in what I am seeing here.
Wave iii is expected to get complete around 42,033 area and wave iv you can expect 40,650, followed by the next upmove till 42,854
Higher TF analysis:-
#banknifty Can Reach ATH by Diwali if 40,650 HOLDS?
After two days of consolidation above 40K, we might head toward further upmove!!!y
Fasten your seat belt, if today's high is breached.
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#banknifty is expected to take support from the 38,399 - 38,434 area, before moving towards the 41,800 journeys.
Still, I am not bearish on the index!!!
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#banknifty weekly time frame hammer pattern formation
Much-needed correction looks over in the market and we are heading back to ATH.
If you don't do fishing in muddy water, then forget about creating wealth.
#banknifty 20 DMA placed at 40,183 and -2 Standard Diviation is placed at 38,440, so below 40,182, 38,440 becomes a logical target.
Laxman Rekha for next week is 39,550 (If the price crosses above, don't be short)
The market is expected to take support from 38,541 to 38,790 levels and bounce, 38K doesn't look like to get violated.
This is a knee-jerk before the...
#banknifty analysis for next week:- Wave 4 is always painful, hitting StopLoss left and right is a common phenomenon.
Wait for the next wave 5 upmove
Two analyses:- 1 HR TF for bird's eye view and 15 min TF analysis for day trading
#elliottwave #nifty #stock #StockMarket
Tried to capture Elliott Wave Theory Patterns:-
Elliott Wave Theory is named after Ralph Nelson Elliott (28 July 1871 – 15 January 1948).
3 Cardinal Rules of the Elliott Wave Theory
Rule Number #1: Wave 3 can NEVER be the shortest impulse wave
Rule Number #2: Wave 2 can NEVER go beyond the start of Wave 1
Rule Number #3: Wave 4 can NEVER cross in the same...
#banknifty view for 10th Aug'22:- Absolutely no weakness in the market, any dips must be utilized to build long positions.
Live analysis free during market hours @