#banknifty view for 1st Sep'21
#banknifty view for 1st Sep'21
Elliott Wave expanding triangle:- The pattern emerges normally between one rising and one falling diverging line. In this situation, it is a continuation pattern and is merely an inverted standard triangle.
Wave 5 ( 100% is 36,452 / 127.2 % is 36,749 / 138.2% is 36,869 / 150% is 36,998 / 168% is 37,127)
Reserved area can be ABCD pattern which comes around 36,749 (127% of AB) or at higher levels mentioned above.
Biased is extremely bullish, but the risk to rewards is not great for long from here on, until we get a reversal, blind short will kill your account.
36,750 +-100 area has got a very probability of reversals based on fibo levels.
I am sharing my chart so that you can change the time frame & do intraday trades:- in.tradingview.com/chart/ry5jjN1j/?symbol=NSE:BANKNIFTY
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
Elliott Wave expanding triangle:- The pattern emerges normally between one rising and one falling diverging line. In this situation, it is a continuation pattern and is merely an inverted standard triangle.
Wave 5 ( 100% is 36,452 / 127.2 % is 36,749 / 138.2% is 36,869 / 150% is 36,998 / 168% is 37,127)
Reserved area can be ABCD pattern which comes around 36,749 (127% of AB) or at higher levels mentioned above.
Biased is extremely bullish, but the risk to rewards is not great for long from here on, until we get a reversal, blind short will kill your account.
36,750 +-100 area has got a very probability of reversals based on fibo levels.
I am sharing my chart so that you can change the time frame & do intraday trades:- in.tradingview.com/chart/ry5jjN1j/?symbol=NSE:BANKNIFTY
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will be short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
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