Fiblevels
Bitcoin long term Gann Fan and bullish channelThis is an update for my old post about the long term bull channel, see related idea.
Channel has been adjusted and the triangle which played out can also be seen as a gann fan.
Fib levels from all time high to bottom of bear market has been retraced to the 0.618 level.
Bears aiming to test the support on lower channel line near the 0.382 level while bulls looking to break the gannfan resistance and test the all time high end of the year or in early 2017.
I remain bullish.
Bank Nifty : Resistance zone & Fib Golden Ratio !Normally, we all have opinion that prices will reverse at 61.8% fib ratio ( that's why its called Golden ratio). Put that in combo with resistance zone, the probablity of getting good trade increases. Thats what we have here in BankNifty, with price around 18900's and resistance zone in same area, I expect the market to reverse here. We do had similar kind of setup in Nifty also, but that was risky setup which is posted earlier. Just to point out RSI is overbought but that won't be sole reason for Banknifty to reverse from here.
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Larsen Toubro LT : Swing Entry SetupHey Guys,
Having cheerful Sunday ? Lets do some analysis on LT ?
Don't get confused why chart is loaded with Fib levels, for better understanding and explanation purposes I have marked numbers for Fibs.
Those who followed Me for sometime will be clear the principal I use - " Gaps will be always Filled "
I kept this LT in My radar from the day it gave huge gap up bcos it needs to be filled for sure. But was waiting for right time to post this. In coming 2-3 weeks it will be filled I believe.
Fib 1 : This is drawn on Larger swing and we are concentrating for Fib levels in Gap area and we got 61.8% (Golden ratio) and 50.0% passing through this area.
Fib 2: Drawn on current larger swing and 38.2% passing through our expected area (gap zone)
Fib 3 : By now you will be knowing which Fib level in our Gap area. So I am not gonna mention. Bcos I believe in mutual learning and teaching a Man to catch his own fish, not to feed fish always.
So with these Fib Confluences I will be buyer if LT comes to this zone. I hope you have learnt to catch certain type of fish today or atleast where to fish :)
Have a happy Sunday, Enjoy
Complete Nifty Analysis : When Bulls will rest ? Lets do an analysis on Nifty and how its movement will be in coming days.
As we look with Eagle's view ( Daily ), Nifty has been bearish from Feb'15 to Mar'16. For an year Nifty has been completely bearish Trend.
Some companies posting good performance results has driven Nifty to current levels from the lows of 6700's. But tats not only reason for recent bull run. Better Monsoon expectations, Federal reserve creating buzz about raise of interest rates and postponing everytime, Foreign investors faith in Indian economy and buying @ lower levels of market - all contributed to this bull run.
But how long this Nifty Bull can run without break ? Well, in my view ( I can be wrong also) The markets are just waiting for some reason to tumble down to retest 7500-7700 zone. But we should also note that there is very strong resistance turned support zone in 7900-8000's which is difficult to break bcos psychological level too.
If we look on technical side, there are 3 Scenario's I have noticed :
Scenario 1 : (Fibs)
Though for short term we have seen bull-run, we haven't breached 61.8% Fib levels of Larger swing move & 78.6% Fib levels of Fib 2 in same area, if you notice keenly Nifty faced resistance around those fib levels and dropped to 8170 from 8300. 130 point drops are normal but the area where it turned down is Fib levels which makes the case interesting.
Fib 2 drawn on smaller move and its 50% Fib levels & 61.8% of Fib 1 levels drop in the resistance turned support which is 8000's. Markets can retest this 8000, before continuing its bull run.
Scenario 2 : (Trend Lines)
Nifty retested trendlines 3 times in this current upward move and another retest is also possible which falls again in same 8000 levels (marked no.6 in chart). But have you noticed the harmonic play there ?
Scenario 3 : (Harmonics)
There is Bearish 3 Drive Pattern formation but everyone uses different ratio's so its upto you to decide on that.
Similarly, ABCD pattern formation again depends on how you use your ratio's.
Overall, Nifty touching 8000 seems imminent but if it breaks that zone its all together different story which we will discuss later after markets reaching 8000's.
Reliance Short : Simple Trend Based setup (Hourly)This trade setup is very simple one. I didnt use any advanced patterns or numerous fib levels.
We can easily notice Reliance is in bearish trend for sometime, so we are looking for opportunity to go along the trend.
Recent rise in prices towards our marked resistance zone ( based on Daily ) where we have Fib levels overlapping each other.
0.382 Fib level of previous swing & 0.786 of current swing overlap each other in marked resistance zone.
I will enter on Monday if Price meets my Limit orders.
Hit Likes if you agree / Comment your views & Opinions
Happy Weekend & Happy Trading !!
