Timeframe: Daily
After reaching a high of 156.25, NSE NSE BANKINDIA has formed a double three corrective pattern. The ATR has decreased to 3.66, and the ADX has dropped to 15.11. The price is currently trading above the 200 EMA but faces resistance from the 100 EMA.
According to Elliott Wave analysis, the price completed wave (Y) at 109.5 and has begun an impulsive cycle. Sub-waves 1 and 2 of this new cycle are visible. There is a value area that presents a profitable setup following a breakout of the range. If the price breaks out above wave (b) at 125, traders can target the following price levels: 132 – 137 – 145+
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Wonderful! This breakout trade is acceptable.
Excellent analysis with clear identification of wave patterns and potential breakout targets, offering valuable trading insights.
Clear, actionable analysis with key pattern highlights.
Precise identification with thoughtful target projection.
Goodpick.