XRP: OBELISK FALLENThe Ripple(XRP) obelisk was risen on Apr 2. As banks attempt to reposition themselves competitively in the new crypto space. But a structure that size needs foundation or it will topple , and topple it did. Now to get it back up again in the direction it's going - well there's 2 options, and the foundations or fundamentals are in place for either to occur.
1. The forces making the tripod to pull the structure back up are going to lift it on its head right here, so we may see a sudden surge upward right now, but we can expect another quick drop since obviously Obelisks aren't designed to stand upside down.
2. The longer and more realistic path is to use rotational force, and bring the base around closer to where the tripod stands now. This is much more boring but probably the option of choice for long term holders.
Either way, it seems reasonable the force behind needed to move or lift the obelisk are in place - you can pass the variables into the formula if you want. I'd be interested to hear what inputs you have for the vars. The question here is whether the lessons are learned from the last erection have been will determine whether we see sustained growth or another topple.
Banking
Bank Nifty (and Nifty) bullish this expiryBank nifty has reversed from 1.618FE of wave 1. IF it takes support at the 38% or 50% fib levels (and the trendline), then it could result in a sharp up move to new highs. This should pull Nifty too; just that the wave structure is clearer here.
(Support at the 23% fib level for the up move after that is possible too but then an initial entry would be difficult to perceive.)
BARCLAYS $BARC - Brexit fears holding back breakout.We have to keep instruments like this under a close eye over the coming week. Although a lot of indicators and paterns pointing to a breakout, it is clear that Brexit worries are keeping it down for now. I expect it to be a flat week until Thursday evening/Friday Morning of the 24th. Neautral
But I like the repeating Head & Shoulders bottoming patterns!
BANKNIFTY SHORTThis 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.