BankNifty - WaveTalks : Five Elements to Watch

Nov 7, 2022

Good Morning All,

Traders should watch these Five Elements to plan their trade next.

• *Penultimate Wave ( Triangular Wave) Upper trendline
  Upper trendline of the triangle shown in the circle can act as support so Index holding 41450- 41500 can push short term upside 41750-41800
  
  Key Level - 41051
  1st warning sign for bulls - break of key level
  
  Critical Level - 40800
  Most important level to break & bulls have to be extremely cautious
  
  Pattern Unfolding Next?
  Pattern which will unfold in next few sessions as it could be last wave (pattern) of the sequence which started from 37386.35 will decide the next course of action.
  

Once critical level 40800 is broken - Traders have to be careful.

Nov 7, 2022

Note

2:22 pm / 7th Nov. 2022

Last @ 41461

Any bias for downside can become strong only once "key" level - 41051 gets broken & later falls below "critical" level - 40800

Thank you

Nov 7, 2022

Note

2:38 pm / 7th Nov 2022

Nov 7, 2022

Trade active

3:26 pm / 7th Nov 2022

Short Target reached at 41750

Nov 7, 2022

Trade closed manually

Thanks & Good Bye


Do keep your eye on key level / critical level & good wishes for New year @2023