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Russell 2000 - Bearish Elliott Wave PatternRussell 2000 (RUT) appears to have completed an Elliott wave Ending Diagonal Triangle (EDT) from 08/05/24 to 10/16/24. After completion of an EDT there’s typically a rapid retracement back to the EDT point of origin. In this case the 08/05/24 bottom. The price zone is near the 2,000 area, and the target time is 11/01/24 to 11/04/24. Daily Stochastic is still in the neutral zone. RSI has a bearish cross of its moving average. MACD has a bearish lines cross.
TVC:RUTShort
by markrivest
What's in Nifty?The way I see the chart nowadays, NSE:NIFTY will touch 24465 on momentum and then might come down for a time being and then try to attempt achieve 24728 and will close in Green. The downside support is now at 24350 So basically it is now the game between 24400 and 24500 as per the OI data reading. As per the Open Interest data, FII sold both, CE and PE. Meaning they are preparing for the rangebound market - sideways or consolidation - between 24400 and 24500. What should retailers (WE) do? - Don't trade between this range. Pick stocks near their long and mid term moving average. I know, many traders who have emerged in the bull market, will be afraid of this type of volatile market. But believe me this is a healthy correction and needed to burst out the bubble from the market. So brace yourself for new learnings. Another advise for retailers is - Invest in learning as much as you can do. Read books. AVOID YouTube tutors. Take class from any teacher you would like to. But make sure you do learn in this market. You won't be getting such opportunity every now and then. Chees to a profitable day ahead.
NSE:NIFTY
by Trendxinc
Potential bullish rise?DJ30 is reacting off the support level which is an overlap support that aligns with the 61.8% Fibonacci retracement and could reverse from this level to our take profit. Entry: 42,451.35 Why we like it: There is an overlap support level that aligns with the 61.8% Fibonacci retracement. Stop loss: 42,118.34 Why we like it: There is a pullback support level that is slightly below the 78.6% Fibonacci retracement. Take profit: 42,790.14 Why we like it: There is a pullback resistance level that aligns with the 50% Fibonacci retracement. Enjoying your TradingView experience? Review us! Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
DLong
by VantageMarkets
Nifty 50 Index (1H) – Critical Support and Trading Plan#Nifty 50 Index (1H) The Nifty 50 Index has entered a crucial juncture on the 1-hour timeframe, and we are witnessing price action testing the major support zone between 24,400 and 24,700. Let’s break down what we are seeing and potential scenarios moving forward: Key Observations: 1. Support Zone: The price is currently hovering around a well-established support zone. Historically, this area between 24,400 and 24,700 has acted as a demand zone, where buyers have stepped in to push the price higher. However, we are seeing some bearish pressure leading into this zone, as evidenced by the consecutive red candles leading to this level. A failure to hold here could lead to more downside movement. 2. RSI Indicator: The RSI (Relative Strength Index) is currently sitting around 35.71, close to the oversold region. Historically, whenever RSI approaches this zone, we often witness a reversal or bounce, especially if the price aligns with key support levels like the one we are currently at. If RSI dips further and enters the oversold territory (below 30), it could signify an extended bearish move before a potential reversal. 3. Volume Analysis: The Volume MA shows significant trading activity in this region, which indicates traders are positioning for the next move, either a bounce or a break. Rising volume during a retest of support typically suggests there is strong interest from both buyers and sellers, and could result in a volatile move soon. Potential Trade Scenarios: 1. Bullish Scenario: If Nifty 50 manages to hold above the 24,400 level and shows signs of strength (like bullish candlestick patterns or an increase in buying volume), we could see a reversal. Upside targets: Initial target: 24,700 (upper bound of the current range). Next potential target: 25,000+ if momentum builds beyond the immediate resistance. 2. Bearish Scenario: On the other hand, if the price breaks below 24,400 and closes decisively below this support zone (especially on higher timeframes like the 1H or 4H chart), it could open the door for further downside. Downside targets: Immediate target: 24,100, where the next major support lies. Further downside: If bearish pressure intensifies, the market may see a drop toward 23,800, which aligns with previous lower lows on the chart. Trading Plan: For Long Trades: Watch for bullish confirmation (like hammer/reversal candles) near 24,400. A successful hold of this zone could trigger a long entry, with a tight stop-loss placed slightly below 24,350. Take-profit targets: First exit at 24,700. Extended target toward 25,000. For Short Trades: A break and close below 24,400 with high volume might signal a short entry opportunity. Set a stop-loss around 24,550 to avoid fakeouts. Target zones: First target at 24,100. Lower target at 23,800 for extended profits. --- In Summary: The Nifty 50 is sitting at a make-or-break level. The reaction in this support zone will likely define the market's direction for the near term. Traders should be cautious, waiting for confirmation signals before committing to either direction. Keep an eye on volume spikes and RSI movements for additional clues. --- #Nifty50 #TechnicalAnalysis #StockTrading #SupportAndResistance #PriceAction #RSI #VolumeAnalysis #TradingStrategy #BreakoutOrBounce #IndianMarket #NSE #StockMarket #BullsAndBears
NSE:NIFTY
by TradeAXN
1
The bulls need to reclaim 5815! Structurally, the SPX has printed a higher low compared to the previous day, with the weekly low at 5863 and the higher low at 5785. A break below 5800 opens the door to 5785; a break below 5785, implies an outside day with major support at 5765/5760. If bulls cannot reclaim the 5815/5825 zone, this would be interpreted as a backtest of the breakdown zone from Wednesday. Dealer Gamma remains more neutral than imbalanced, but flows are destabilizing. There is potential for significant directional or flash moves as dealers chase deltas, selling weakness and buying strength. Since VIX remains elevated, 19 and the Volatility Risk Premium (VRP) is at a premium, implied volatility could be an exacerbating factor in both directions. The upside is heavily dependent on a vol down environment. A reclaim of the 5815 Flip (dealer transition) often attracts volatility sellers, which could trigger a sharp upside squeeze. Vol crush Friday?
SP:SPX
by 0dteTraders