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

Dagangan ditutup: hentian tercapai

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)

Youtube
youtube.com/@wavetalks/videos

Twitter Handle
twitter.com/TalksWave

Telegram Handle - No

Juga pada:

Penafian

Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.

WaveTalks

Juga pada: