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NiftyWe 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 7985) is the current range for the Nifty index. This will gradually narrow down to (7800 to 7985) And (7920 to 7985) before a breakout towards the downside for -6% towards 7500 handle for the completion of the Head & Shoulder Pattern. Technical Analyst :- Jay Khanna JayKhanna@Live.com
NSE:NIFTYShort
by JayKhanna
INDIGO ShortThis 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 from this awesome forum: 1. Is my wave count (1-5) correct? 2. If yes, Should one enter into a position to ride wave C? 3. If yes, what would be the strategy for that? 4. Also, I see the stock travelling within a band as shown. Does it have any significance? Thanks
BSE:INDIGOShort
by Withoutshoes339
Banknifty 3 YR Long Term Consolidation Breakdown ShortHello 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 of 20k. The banking index is looking weak as India continues to cut rates inorder to increase budget by decreasing payments on debt. In the short term I think that the second possibility of 17k and back down is possible as the price action has been extremely bullish from 13k ranges and shows indications of wanting to test the top of the consolidation triangle at around 16.7k. Best of luck
NSE:BANKNIFTYShort
by RahulAndra