#banknifty analysis for 5th Mar
We are forming constantly Lower High, which is an exhaustion sign until 36455 is not crossed, avoid long.
Rising Wedge is not a good sign, if the index trades below 35,650 you might see 33,600 levels.
Decision Line:- 35,650
Upper Targets:- 36,019 / 36,342 / 36,664
Lower Targets: 35,159 / 34,800 / 34,466
My basic analysis remains the same:-
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will 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.
Ref:- Elliot Wave 1 H TF analysis:-
Regards,
SG
We are forming constantly Lower High, which is an exhaustion sign until 36455 is not crossed, avoid long.
Rising Wedge is not a good sign, if the index trades below 35,650 you might see 33,600 levels.
Decision Line:- 35,650
Upper Targets:- 36,019 / 36,342 / 36,664
Lower Targets: 35,159 / 34,800 / 34,466
My basic analysis remains the same:-
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will 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.
Ref:- Elliot Wave 1 H TF analysis:-
Regards,
SG
