Timeframe: 2h
As per our previous idea, we have identified a market scenario characterized by supply pressure and bear dominance. At a price level of 44154, we observed the occurrence of Wave (3), followed by a corrective phase known as Wave (4). Wave (4) exhibited a double three pattern.
Currently, the price is in the process of forming the final sub-wave (c) of Wave (y) within Wave (4). Wave (c) has taken the shape of an ending diagonal, suggesting that a breakout above the upper boundary of the diagonal in Wave 4 of Wave (c) could potentially lead to a new high. To take advantage of this potential upward movement, traders may want to consider entering trades as long as the price remains above 44091 for following targets: 44430 – 44840 – 44912+.
Note that if the price fails to break the resistance level at 44091, the trade setup loses its validity. For traders who are more tolerant of risk, an alternative strategy could involve entering a trade after a reversal occurs from the support level at 43200.
As per our previous idea, we have identified a market scenario characterized by supply pressure and bear dominance. At a price level of 44154, we observed the occurrence of Wave (3), followed by a corrective phase known as Wave (4). Wave (4) exhibited a double three pattern.
Currently, the price is in the process of forming the final sub-wave (c) of Wave (y) within Wave (4). Wave (c) has taken the shape of an ending diagonal, suggesting that a breakout above the upper boundary of the diagonal in Wave 4 of Wave (c) could potentially lead to a new high. To take advantage of this potential upward movement, traders may want to consider entering trades as long as the price remains above 44091 for following targets: 44430 – 44840 – 44912+.
Note that if the price fails to break the resistance level at 44091, the trade setup loses its validity. For traders who are more tolerant of risk, an alternative strategy could involve entering a trade after a reversal occurs from the support level at 43200.
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This was the previous idea:
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Only if you are interested in wave theory:
Don't forget to hit the like button.
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A new high is possible if the price breaks 44489. The reason is Wave (X). It holds the power of the whole correction.
What are your views?
What are your views?
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Price touched the final target of 44912.
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Next level is 45180, which is reverse Fibonacci target level.
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Update which was given 1 hour ago was not suppose to be here. Apologies for the wrong update.
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Correct update
BANKNIFTY spot: Price has touched the first target 44430, and made a new high of 44668.
Banknifty future: Price made a new high of 44774.
Banknifty future: Price made a new high of 44774.
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45180 is a reasonable level. We are not going to react and exit prematurely. It's better to use trailing Sl to engulf the profit.
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ATH Futures: 44823.15
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BANKNIFTY SPOT TOUCHED THE FINAL TARGET OF 44912.
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Now, I want your thoughts on banknifty!
What do you think about NIFTY and banknifty?
Share your ideas on comment section.
What do you think about NIFTY and banknifty?
Share your ideas on comment section.
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