Bank Nifty - Bearish Butterfly at 39505 Highs

Let us recollect the most important psychological level of 39500 as discussed could be the most critical level at present. A bearish butterfly harmonic structure completes in the required PRZ & reasons for fall discussed below & shown on the price chart.

Possible Reasons for Fall
Bearish Butterfly Harmonic Structure
Evening Star Candlestick Formation
Psychological level 39500
Bearish Divergence ( RSI)

Stop Loss
Above 39505

Targets Downside
Target 1 - 39120
Target 2 - 38740
Target 3 - 37691
Target 4 - Will unfold once wave develops

Thank You

Trade closed: stop reached

09:57 Hrs / 18th Aug 2022

Last @ 39553

Opened gap down at 39365 & day low at 39291 -bounced upside to beyond 39505 & took our stops.

I won't stand in the upside extended wave which is currently happening so please be careful at these highs.

WaveTalks

Best Regards,
Abhishek H. Singh
SEBI Registered Research Analyst (INH000030092)
Founder - WaveTalks ( wavetalks.in)

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