Bank NIFTY Observations as on 09 August 2024:
1. Retracement done precisely till 50% of June--July 2024 upswing.
2. Wolfe Wave pattern found on the chart which I mingled with (3-Drive pattern)
3. Extended TGTs of these patterns are calculated based on 05 Aug high - 06 Aug low. These are respectively (1.272/1.414/1.618/2)
4. Daily close above 50,750-50,800 will confirm upside.
5. Caution: Buy on Dips will start only if we get Daily Close above 50,800.
6. At 51,0900 level and FVF (Fare Value Gap) exists. We must expect First TGT to this level.
Settings for Fib Retracement and Extensions for routine trades are as follows (for finding support and Resistance Zones
0.382 - 0.31 (Resistance/Support Zone)
0.618 - 0.69 (Support Resistance Zone)
0.50 - Mid Point
Extensions for TGT Purpose
1.212 - 1.414 (First TGT Zone)
1.618
2
2.5
4
Hope you will find these useful. Comment!
1. Retracement done precisely till 50% of June--July 2024 upswing.
2. Wolfe Wave pattern found on the chart which I mingled with (3-Drive pattern)
3. Extended TGTs of these patterns are calculated based on 05 Aug high - 06 Aug low. These are respectively (1.272/1.414/1.618/2)
4. Daily close above 50,750-50,800 will confirm upside.
5. Caution: Buy on Dips will start only if we get Daily Close above 50,800.
6. At 51,0900 level and FVF (Fare Value Gap) exists. We must expect First TGT to this level.
Settings for Fib Retracement and Extensions for routine trades are as follows (for finding support and Resistance Zones
0.382 - 0.31 (Resistance/Support Zone)
0.618 - 0.69 (Support Resistance Zone)
0.50 - Mid Point
Extensions for TGT Purpose
1.212 - 1.414 (First TGT Zone)
1.618
2
2.5
4
Hope you will find these useful. Comment!
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