We have witnessed several Head & Shoulder formations throughout mid 2015 until date, therefore the probability of the current head and shoulder formation is over 90%, which clearly suggests that the current formation of the right shoulder should continue in an ascending manner within a range of 3.82% which is 285 points. Therefore, 7985 - 285 Pts = 7700. (7700 to...
This is my first post in tradingview. I am new to trading of any kind.I have been trying to find my way using EWT. I think the stock is in ABC (Corrective) mode at present. I am unable to figure out if its still in A or it has entered B. I can see divergence in MACD (a. top of wave 3 and wave 5 b. top of wave 5 and current stock position) I solicit a few things...
Hello This is an update from my BANKNIFTY Long call from 13700 and my BANKNIFTY short call which is at a breakeven point. The first scenario I had foreseen was a reversal at this lvl. The second was retrace to 17k and then back down. Now I notice a 3y long pattern of consolidation that has been in development ever since BANKNIFTY rallied from 8k to a 200%+ high...
This is a revision of my prv BANKNIFTY chart "https://www.tradingview.com/chart/BANKNIFTY/Qr1NFlnT-Bank-Nifty-Oversold/". I explicitly stated "Oversold" as I viewed the retrace that I had called till 16k as just a retrace and not any strong sign of resurgence in the banking sector. The channel has proved to be strong. 1st Tp 13.2k 2nd Tp 12.3k.
After heavy consolidation for 2 months I can foresee a potential breakout from the 1 yr+ triangle to supply zone @ apprx 85. SL is at 62. RR Ratio = 1.65. Always the possibility of denial at resistance trendline however this extended period of consolidation gives me the confidence of an overwhelming bullish sentiment Best of luck!
Nifty is moving in range of 6960 - 7280 . Nifty has already made triple bottom pattern on daily chart. stay long on nifty till above 6960 . further 7100 7190 7280 any break below 6960 then reverse the position and go short on nifty with the target of 6900 6869.
We know that Nifty is in a downtrend and I feel that we have realized our near term bottom and can see a bounce back between 7700-7800 levels in next to 3-4 weeks. It is a good time to buy the overburnt stocks in the recent sell-off and rally along with the index. Risk/Reward: 1:2 (roughly more than 1) Strict Stop loss: 7200
Key take aways: 1. Completion of 5 corrective waves 2. All Oscillators are at over oversold conditions 3. Almost no risk to high reward condition. Markets are in down trend but for next couple of weeks a upward rally can be expected in the market due to many short covers in market, which can also support the upward rally of this overheated pizzas. Trade...
The retracement has been done below its intrinsic valuation due to weakness in overall bank sector. I believe this stock is a fast grower and at this valuation it is great buy.
It seems like maruti has steamed out with price action, where price is increasing but with low volume, showing weakness. I believe it has completed its 5 wave impulse move in its weekly chart. In order to confirm the bearish trend reveral, I'm waiting for a break out from the ascending triangle or rising wedge to downward.
Risky to buy LIC Housing Finance at this time. Fibonacci clusters of resistance are appearing at the tip of the price travel. We need to watch the levels of 506/508 carefully before buying this stock. If it fails at any of these levels, we can expect a C wave to 380 levels.