It’s time to look for some investment opportunities in Cryptos. SOLANA is one of the cryptocurrencies which I would like to keep on the radar. Its currently running in complex correction in its last leg “Z”. Any bullish reversal above 75$ will be good to look for a long entry on further confirmation by price action. Will further update you on it.
Short Term Elliot Wave view in Dow Jones Industrial Average that Uptrend has been ended with Expanding Ending Diagonal. There is a Break of Structure that happened when Wave 4 of ED has been broken by a strong move down, Clearly indicating that Bears are more active now. Currently, Wave A is running, which should end in 3 or 5 sub-wave structures. If Wave A ends in 5 sub-waves structure then ABC will end up in ZIG-ZAG Correction and If Wave A ends in 3 sub-waves structure then ABC will end up in Flat Correction.
My view is Bearish for Dow, Target will remain for 30790 levels in short term.
Sell on rise near 35400 levels with SL above Wave 2 which is 36450 or if it breaks below 34500 level with SL above 35500.
Nifty has made a Head & Shoulder Pattern. Above is a 4 Hr Chart for the same. 17600 level needs to be watched closely. Bulls need to protect 17700-17600 levels. Any fall below 17600 levels will bring nifty down to 16700-16600 levels.
H&S PATTERN EXPLAINED
The head and shoulders pattern is a technical formation that indicates a trend reversal is underway. For traders, it is an extremely useful pattern, whether they are trend trading and want to be alerted of potential danger or they want to catch a trend reversal near the turning point.
On Charts, Bandhan Bank has moved into sideways correction for a long time now. Wave 1 has been completed after making 5 moves as a diagonal. Price is running into Wave 2 since 30.11.2020, Almost a year of correction phase after an impulse, Price retraced up to 61.8 fib ratio. There is a possibility, Price might retest those levels or another possibility of breaking down those levels to take out all the liquidity present below the double bottom support levels. Definitely buy on dip strategy for a long term target of 690-700 !! SL will be 190 Levels.
Please manage ur risk accordingly.
Please find below the weekly chart of Bandhan Bank for your reference.
After a decent run upside, Stock has went into consolidation zone since 18th March 2021 till 20th June 2021. Staying in consolidation zone for almost 3 months, finally it has given breakout today.
Now the important question is will it sustained?
There are 2 ways of entry to this stock –
1. Above day high which is swing high2. At Breakout Retest level
I’m waiting for the entry!!
Deepak Nitrate is consolidating near its high now. It has made a rounding bottom pattern. A breakout above 1694-95 levels is worth watching.
Keep a track !!
Chart is attached for your reference.
After a decent up run, Dhanuka’s price is in the consolidation phase. Volume has dried down during the period.The demand zone is working nicely. It should be in a watchlist for a very good reward. The chart is attached below for your reference.
Learning – Consolidation + Breakout CheersSid