Head and Shoulders
Nifty 50 Index - Head and Shoulders Pattern with Fibonacci
** Introduction :**
The Nifty 50 Index on the NSE has shown a clear head and shoulders pattern on the 1-day time frame, followed by Fibonacci retracement levels drawn on the 4-hour time frame. This combination of technical analysis tools provides valuable insights for traders looking to predict potential price movements.
** Head and Shoulders Pattern: **
The head and shoulders pattern is a reliable indicator of a potential trend reversal. In this case, the pattern suggests a bearish reversal:
- **Left Shoulder:** The initial peak before the highest peak (head).
- **Head:** The highest peak in the pattern.
- **Right Shoulder:** The lower peak after the highest peak (head).
The neckline, drawn at the lowest point between the shoulders, acts as a critical support level. A confirmed breakdown below this neckline indicates a strong sell signal.
** Fibonacci Retracement Levels: **
Fibonacci retracement levels help identify potential support and resistance levels where the price might react:
- **0.00% at approximately 26,200.00 INR**
- **23.60% at approximately 25,600.00 INR**
- **38.20% at approximately 25,400.00 INR**
- **50.00% at approximately 25,000.00 INR**
- **61.80% at approximately 24,600.00 INR**
- **78.60% at approximately 24,200.00 INR**
- **100.00% at approximately 23,800.00 INR**
** Price Prediction:* *
Given the head and shoulders pattern, the Nifty 50 Index is likely to experience a downward trend if the price breaks below the neckline. The Fibonacci retracement levels provide additional support levels where the price might stall or reverse. Traders should watch for key levels such as 25,000.00 INR and 24,600.00 INR.
** Conclusion :**
Combining the head and shoulders pattern with Fibonacci retracement levels offers a comprehensive approach to predicting price movements in the Nifty 50 Index. Traders can use these tools to make informed decisions and manage their trades effectively. Proper risk management and position sizing are essential to maximize profits and minimize losses.
Potential Upside for EURNZDTechnical overview:
The EURNZD currency pair has recently formed a head and shoulders pattern, and the price is currently at the neckline of this pattern as well as a significant resistance zone (1.8065-1.8160). If the price successfully breaks through this area, it could reach the specified price targets. However, if the price reverses downward from this zone, the first valid support level will be 1.78360.
Fundamental overview:
Considering recent geopolitical tensions that have driven the market toward risk-off sentiment, along with recent statements from the RBNZ, the NZD has weakened over the past month. If tensions continue to escalate in the coming days and weeks, we can expect this currency pair to increase further.
This analysis will certainly be updated after the price reacts to the resistance zone and neckline. Don’t miss the upcoming trading opportunities in this currency pair.
What are your thoughts on EURNZD ? are you bullish or bearish?
GBP/USD Bullish Reversal - Inverted Head & Shoulders FormationPattern Formation:
The GBP/USD pair is currently forming an Inverted Head and Shoulders pattern, which is a classic bullish reversal signal. This pattern indicates that the downtrend may be coming to an end, and we could see a potential upward movement upon confirmation.
Key Support and Rejection Level:
The price has shown a strong rejection from a key Support level at 1.29050 , which aligns with the 0.618 Fibonacci Retracement level. This confluence strengthens the support, suggesting that the price has found a significant bottom at this level. The repeated rejections at this zone indicate buying pressure, supporting the potential bullish setup.
RSI Analysis:
Upon analyzing the Relative Strength Index (RSI) on the 4-hour timeframe, there is a clear Bullish Divergence . While the price was forming lower lows, the RSI was forming higher lows. This divergence suggests a potential reversal in price, further validating our bullish outlook.
Entry Strategy:
An entry is recommended upon the breakout of the Neckline at approximately 1.30020 . For a more conservative approach, entering on a re-test of this level will provide additional confirmation of the breakout's validity.
Entry Point: Near 1.30020
Stop Loss: Near 1.29050 (below the support level)
Take Profit Levels:
To maximize the potential profit while managing risk, the following take profit (TP) levels are suggested:
TP-1: 1.30990
TP-2: 1.31960
TP-3: 1.32930
Conclusion:
The overall technical analysis indicates a potential bullish reversal for GBP/USD based on the Inverted Head and Shoulders pattern, support at 1.29050, 0.618 Fibonacci level, and bullish RSI divergence. An entry near 1.30020 with a stop loss at 1.29050 offers a favorable risk-to-reward ratio. The market should be closely monitored for a confirmed breakout or re-test at the neckline level.
Recommendation: Watch for a clean breakout or re-test at 1.30020 for a potential bullish entry, and follow the risk management plan by placing the stop loss near 1.29050.
Tesla on its way to 500NASDAQ:TSLA
Telsa finally entered in the strongest Elliot Wave there is: iii of 3 of (3) ..... almost nothing can stop the stock now (!)
Additional weekly 3 candle pattern made a "Mornign Doji Star" , also a very bullish occurence: normally we see a trend change in 78% of times and according to Bulkowski - And the height of the pattern was huge - So expect a very strong coming Rally ..... last week was only the Start!
Also in weekly Candle pattern we can see a Bullish Engulfing - Strong down after 10/10 Event and this week a rise of 27% - This is a very seldom strong Bullish Engulfing and we can expect many weeks of rise into Year End in my opinion!
Friday we went over the Neckline of the INVERSE HEAD&SHOULDER - The target points to 500, which gives us a new ALLTIME HIGH (!)
And if Elons prediction of 25% to 30% growth will Happen next year, Profit will increase by 50% ….. WHICH GIVES THE TESLA STOCK A RISE OF MINIMUM 100% next year (!)
Deutsche Bank AG to 21 EuroDespite the chaos with Credit Suisse European banks in General are printing some excellent setups. What is the reason for this? No idea.
On the above 2-month chart:
1) A strong buy signal (not shown) prints with price action breakout from resistance that has been active since 2007.
2) Regular bullish divergence. No less than eight oscillators this time. Four to five oscillators printing on this time frame is incredibly powerful but eight?!
3) Inverse head and shoulders pattern. Confirmation is price action closing above 10.50 and staying there or above for a week or two. On confirmation a target of 21 euro should be expected.
4) The yellow line is the 21/2-month EMA. Notice the first attempt to hold as support has failed? (Orange arrow). This was the first attempt to hold as support since July 2005. Confirmation of support is price action at 10.50 and above by the month of May.
5) Almost EVERY idea on tradingview is 'short' / Bearish! Ww is the 5%. What in?
Is it possible price action falls further? Sure.
Is it probable? No.
Ww
Type: Investment
Risk: <=6% of portfolio
Timeframe: Don’t know.
Return: 110%
Stop loss: 7.20
Inverse H&SBroke the neckline on 20th of october on greater relative volume and has been retesting the neckline as support (or close to) on greater volume a few times since!
Looking back in history we are statistically entering the most bullish week of the year... how will the statistics look this time?
IMO this horse is now trotting... ready to hit the gallops! Im leaning bullish... looking at the chart pattern it is telling the tale of re-accumulation
Bullcase:
Inverse Head & Shoulder pattern formed with relatively decreasing volume on each low (shoulders & head)
Broke the neckline on relatively greater volume, confirming the pattern
Target: $210
Bearcase:
Pattern is invalidated if neckline is broken to the downside on relatively greater volume and retests the neckline as resistance getting ready to break down further.
Target: $125
ApeCoin(APE) is Ready for Pump Again(+40%)Today, I want to analyze the ApeCoin ( BINANCE:APEUSDT ) project for you, which has increased by more than +100% in the last two or three days .
The question here is whether APE can increase again ❗️❓
The recent surge in ApeCoin (APE) price in October 2024 is due to several key factors. The most prominent is the launch of ApeChain, a new layer-3 blockchain developed by Yuga Labs, which operates on the Arbitrum network. This blockchain allows for easier management of NFTs, transactions, and decentralized applications (dApps). Additionally, the integration of cross-chain bridges for transferring assets like APE, BINANCE:ETHUSDT , and stablecoins has enhanced the token’s utility, enabling smooth interactions across multiple blockchains.
Moreover, ApeCoin upgraded its smart contracts to incorporate the LayerZero Omnichain Fungible Token (OFT) standard, allowing it to serve both as a gas and governance token within the ApeCoin ecosystem. This upgrade also enables automatic yield generation for APE holders, adding further value by allowing them to earn passive rewards without manual staking
These updates, combined with a surge in sales of Bored Ape Yacht Club (BAYC) NFTs and increased market interest, have led to a doubling of ApeCoin's value in just a few days.
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ApeCoin(APE) gained more than +100% in terms of Technical Analysis with the help of Inverted Head and Shoulders Pattern .
APE is moving near the Support zone($1.150-$0.984) and the 50% and 60% Fibonacci lines .
I expect the APE to start rising again(at least 🚀+30%🚀 ) from the Support zone($1.150-$0.984) and attack the Potential Reversal Zone(PRZ) again if the Resistance line is broken.
⚠️Note: If APE goes below the Support zone($1.150-$0.984), we have to wait for more dumps⚠️
ApeCoin Analyze (APEUSDT), Daily time frame⏰.
🔔Be sure to follow the updated ideas.🔔
Do not forget to put Stop loss for your positions (For every position you want to open).
Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post.
Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
PEPE INVERSE HEAD & SHOULDERPepe Coin just pulled an inverse head and shoulders move a classic sign it might be gearing up for a comeback. Think of it like a big dip in the middle (the "head") with smaller dips on each side (the "shoulders"). If it breaks above the neckline, we could see a nice rally!
Could PYTHUSDT Be Primed for a Bullish Breakout?PYTHUSDT has recently broken out of its resistance trendline and entered a consolidation phase, forming a potential inverse head and shoulders pattern. This setup could signal an upcoming bullish move—but key levels must be confirmed before a trade setup is validated.
💎If PYTHUSDT breaks out and closes a candle above the current resistance zone, it would validate the inverse head and shoulders pattern, significantly boosting the probability of an upward move.
💎If retracement occurs, we could expect a bounce from the support zone. For a higher probability of success, look for a bullish Internal Change of Character (I-CHoCH) as confirmation in lower timeframes.
💎Should the price break down and closes candle below the support zone, it would invalidate this bullish scenario. In that case, it’s wise to stay patient and wait for a clearer price action setup to develop.
Remember, rushing in without confirmation often leads to costly mistakes. Play it safe, Paradisers, and always wait for the highest probability opportunities—this is how you secure consistent gains over time.
MyCryptoParadise
iFeel the success🌴
Alphabet Poised to Pencil in Inverted Head and Shoulders PatternUpcoming Earnings
Alphabet Inc. (ticker: GOOGL) is scheduled to report earnings before the market opens on 29 October. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending September 2024 is US$1.83. The reported EPS for the same quarter a year prior was US$1.55.
Inverted Head and Shoulders Pattern Eyed
The Ichimoku Cloud (formed between the Leading Span A and the Leading Span B ) has recently echoed a bullish vibe, with the Leading Span A journeying above the Leading Span B. Given this, and with price currently testing the Ichimoku Cloud as a resistance and struggling to drive things lower, a breakout higher may develop.
Assuming a breakout north comes to fruition, this may set up a potential inverted head and shoulders pattern. Chart pattern traders would want to observe the formation of the pattern’s right shoulder and a push above its neckline to confirm the configuration, extended from the high of US$168.64.
Price Direction?
The lack of selling within the Ichimoku Cloud, along with the Leading Span A crossing above the Leading Span B, could eventually prompt a breakout to the upside, taking on the upper Ichimoku Cloud and the inverted head and shoulders pattern’s neckline. A move higher, therefore, might trigger additional buying, in line with the overall uptrend in play since late 2022.
XAU Potential Head and Shoulder Pattern Hey guys, I see XAU might be getting ready to break the neckline with an H&S pattern forming in the 4TF. Enter a sell position with proper confirmation. Let's wait patiently and see what the 4TF closing will indicate about where XAU is heading to close the week. Trade smart, trade safe. Happy weekend!! FXOPEN:XAUUSD
Oil's Well That Ends Well: Riding the Wave "OIL"Oil's technical picture is looking increasingly bullish. A recent bounce off a key support level has formed a compelling inverted head-and-shoulders pattern on lower timeframes. This classic reversal signal, combined with a series of higher highs in recent weeks, points to a strong uptrend in progress. According to my Elliott Wave analysis, we are currently in the impulsive phase, heading towards the 5th wave target of $75.00. This confluence of technical indicators suggests that oil is poised for further gains.
AUDUSD at Support line Ready for Bullish moveThe market is at the support level or on the neckline, where the head and one shoulder are fully completed, now the market will complete its second shoulder. Have you ever spotted a head and shoulders pattern in your forex charts? 👀 This classic pattern could be your key to anticipating market movements! #ForexAnalysis #ChartPatterns #LearnToTrade"
ZILUSDT: Massive Breakout Ahead or Bullish Trap? Yello Paradisers! Is ZILUSDT about to break out, or should we prepare for a retracement? 🚨 Let's dive into the latest technical setup that could potentially set the stage for a big move.
💎ZILUSDT has approached its resistance trendline, showing a bullish CHoCH (Change of Character) while forming an inverse head-and-shoulders pattern with a bullish divergence. These signals combined significantly increase the probability of a bullish continuation.
💎If ZILUSDT breaks out and closes candle above the resistance zone, this will validate the inverse head-and-shoulders pattern and confirm a higher probability of a bullish move.
💎On the flip side, in case of a retracement, we can expect a bounce from the support zone. To strengthen the odds in our favor, we will need to see a bullish I-CHoCH on the lower timeframes before considering an entry.
💎However, if ZILUSDT breaks down and closes candle below the support zone, this will invalidate the bullish outlook entirely. In that scenario, it’s wiser to wait for better price action to form before making any further moves.
🎖As always, patience is key. Stay disciplined and stick to your strategy, and remember – we only act when the market confirms our setup. Keep it smart, Paradisers!
MyCryptoParadise
iFeel the success🌴
ULTA Screaming AccumulationA classic inverse H&S setup on ULTA here. Buffet buying and taking a stake a few weeks/month back makes me even more convinced. This will just take time. The large wicks are indicating that buyers are stepping in and absorbing selling demand from a weekly perspective. The buyers come and save the week. They're going to form this perfect right shoulder and it should launch - might take 6 months or so... NASDAQ:ULTA
XAGUSD(Silver) - Trend Reversal patternFrom a technical perspective, XAGUSD is under the formation of a Head & Shoulder Pattern.
I'm expecting XAGUSD to turn bearish in the coming days .
A close below the neckline(33.46100) in 4hr should confirm the reversal.
I'm expecting Silver to reach 32 - 31.500 levels in the coming days.
Good Luck with your trading plans!