Price action strategy-SHORT SGX NIFTYA simple price action strategy explained for SGX NIFTY
Same can be applied to indian NIFTY too.
Explanations; Origine of engulfing (peak) formed at 18621
First drop from peak completed with climax (5waves) indicating SHORT TERM REVERSAL .
Now ,recovery to resistance Level (minor SR) is nearing to complete at 18123.
What next? Selling will resume and drop in price till it reaches the base, in Drop ,Base,Drop (3waves) form as i mentioned.
please note that this is my view based on PURE PRICE ACTION theory
Sgxshort
SGX NIFTY CORRECTIONSGX NIFTY which is traded based on our indian NIFTY, will give you an ADVANCED movements before our market opens.
This will give traders an edge to take or quit positions ,sometimes loss of sleep also!
Elliot waves should be drawn as per cash markets(as per Glen neely) But there is nothing wrong since this future is the mainly traded by matured participants unlike our retailers.
Having said we can follow our nifty using SGXNIFTY(IND50)Charts.
Bears won today by bringing nifty to 458 points from its peak(17809), wait for 2 days to allow the injured Bull to recover and again BEARS will demonstrate full power after wednesday(22/09).
AWX SGX SELL/SHORT to 2.00 (BUY ENTRY) UPDATETICKER CODE: AWX
Company Name: AEM
Industry: Singapore Stocks Industrial Services Engineering & Construction
Position Proposed: BUY
Buy Entry: NOT READY (2.00-2.20)
1st Partial Take Profit: 5.30 Early-Mid 2022)
2nd Partial Take Profit: 7.35(Early 2023)
Stop Loss: 1.90
Technical Analysis
1. Falling Wedge/Pennant Pattern (Potentially Forming)
2. Area of Confluence with Trendline and Horizontal Resistance Level (Key Level)
3. Fibonacci Retracement at 0.786 is at key market structure
4. Fibonacci Expansion Safe Take Profit Level 1 (Grey Zone) Also the length of Flagpole
and also Channel Range (Trendline Resistance)
sgx is seeing good support from trendline and graphical support sgx is seeing good support from trendline and graphical support ! Stochastics is also showing room for more upside !
SGX is approaching support, potential bounce Price is approaching support where we could see a bounce from our buy entry. Stochastic is approaching support as well where we could see a bounce from here.
SGX is approaching support, potential bouncePrice is approaching our support in line with our trend line, 61.8% retracement, 127.2% extension and horizontal pullback support where we could see a bounce above this level.
SGX is approaching support, potential bouncePrice is approaching our support at 8.40 where we could see a bounce above this level. A break above our bearish trend line could see a further upside in prices.
SGX facing bearish pressureFor SGX, I am seeing limited upside before it reaches our sell entry, in line with our 50% retracement and previous breakout level where we could see a reversal below this level.
