Free Stock, Commodity, Forex Trading Tips & Education Articles

Where is my critical Resistance on Bank Nifty?

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A =0.618 B (38660), I wouldn’t want to see the prices cross and close above 61.8% ratio that is wave 1 at 38426 nearby of A and comes into play as resistance the previous swing high 37581(Wave 4) nearby.

banknifty

OR

A five-wave decline in the BANK NIFTY , from 41830(Oct.) to 34019(Dec.) is complete. The 34019 low is wave A of a larger five-wave decline. The 2h range chart shows that wave B took the form of a double zigzag pattern, carrying to meet the top (W=0.618 Y) 38660. The previous 37385 resistance zone can again react as resistance. Currently, everything are positive on the day before and the day after, but wave ((Y)) (circle) of C of B can be labeled.

As those familiar with the Wave Counting model know, the B (corrective) wave in a downtrend is a counter-trend price move. In other words, it’s up. When wave B is complete, wave C down follows.

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Nifty FUT Trade Setup For Subscribers

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EURCAD: Sentiments Are Short-Term Bearish, But…

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free-forex-eurcad-calls-chart

EURCAD has completed corrective wave 4, and if the price breaks the parallel channel C, it may make a new low, which should be impulsive sub-wave 5 of wave (5).

If price breaks down channel C, the following targets for Wave 5 will be 1.4313 – 1.42520 – 1.41652- 1.41156.

After making wave (5), if the price breaks the B channel, it can go for 1.4645 and start a new 5-wave impulse structure.

Please note that the Breakout of wave (4) indicates a strong bull trend.

If the price breaks the channel without a downward, it indicates truncated 5th.
I will upload an intraday chart for further information soon.

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NIFTY: Price Action Perspective and wave analysis

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Daily Chart
Price Action perspective:

free-nse-stock-nifty-daily-chart

After the accomplishment of the lower-low, nifty surged and reached near the previous lower-high point at 17639.

As mentioned in down theory, An upward trend is a series of successively higher highs and higher lows.
Price is weak below 17639, which is a previous lower high.
If nifty creates a swing failure, supply will exceed the demand.

Daily Chart:
Elliott Wave Perspective:

free-nifty-daily-tips-chart

Nifty has completed the corrective wave A of triple zigzag (Z)
If the price gives a consecutive close above (X), it suggests that corrective structure has occurred and an impulsive wave started.

However, the price has given three moves after wave A.
Sub-wave a traveled 100% of wave B.
The price is weak below 17639 and strong above 17650.

In my previous idea, I have mentioned the price can be out of the channel. Sellers can enter after a rejection of the candle on a higher timeframe.
Safe traders can enter when the price enters into the downtrend channel.

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AUDJPY Is Forming A Contracting Triangle

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Free Forex AUDJPY Tips

Currently, AUDJPY is forming a contracting triangle on the corrective wave ((4)). Price has completed sub-wave (C), and sub-wave (D) is in progress.

After completion of the (D) wave, the terminating wave sub-wave (E) will break the B–D trendline of the contracting triangle.

Wave (D) can end nearby 78.6% retracement of wave (B).
If the price breaks the B–D trendline, It can move to 85.35 – 86.25 – 88 – 89. The traders should put protective stop loss at 78.78.
wave (5) may end at 89.609, which is inverse Fibonacci retracement 1.618% of wave (4)

Wave (E) can complete between 0.618 to .786 Fibonacci levels.
That’s why a trader can expect the following targets for wave (E) 83.44 – 82.50 – 81.03 as targets of wave E. If you want to trade wave (E), then you should have a trailing stop due to the high volatility of wave (E).

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Trader’s Roadmap Jan, 2022 – What I expect on Indian Market?

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The upcoming market moves will destroy 80% of traders’ investments. We are sharing with you NSE’s perspective that will be helpful in January 2022.

free nse nifty 1h chart tips

NIFTY: Bullish Triple Zigzag (1H)

The spot nifty hourly chart at an exciting juncture. The juncture isn’t easy to identify the next turn for beginners. Where will upturn sustain?

Below levels are very crucial. That will help you make a new position or create a trade setup on Nifty.

The first observation should be on the trend. And it is down by looking at the above chart (left to right). The price is defining a lower low. And that is W, Y, and Z. Moreover, the low high is similar (1X and 2X). Hence, I have chosen Oct 18605 high and Dec 16410 low. Wherein come out Bullish Triple Zigzag corrective pattern formation.

Are you expecting a continuous downtrend? Then look at the equality ratio. That gives you resistance levels. And after the ending of the point of the Z wave, ((w))=((y)) at 17574.

Furthermore, the level of 17600 is equal to waves A and C, but the 17503 level is the first upcoming resistance A = C | 0.789 ratio.

Trend Reversal Key Level:
Reconsider the wave count at 17640 lower high.

According to the current market situation, the Nifty price is under 17640. It’s a direct sign of downtrend moves. And the first target will be the 17077 level.

Nifty traders must look at this DJIA chart.

Can you see the new high on DJIA? Further information I will update you soon.To become a subscriber, subscribe to our free newsletter services. Our service is free for all.

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