Wave Pattern Traders Team
Wave Pattern Traders
We are currently tracking a possible impulse wave from the all-time high at 11855, a new low is still needed to end a 5th wave of a suspected impulse wave as shown. Whilst the Banknifty has moved to a new low, we want to see the Nifty confirm that new low on the Banknifty, that would offer a bearish reversal clue.
If we do see a 5th wave to end the current impulse wave idea from the April 2018 high, then a bounce thereafter in 3 waves can be sold against 11855 stops. Based on the wave pattern from the lows made in 2016, the decline from 11855 could be a very important reversal signal, although we are taking it one step at a time.
Short term there are a few ideas we could suggest for wave [iv] such as a flat or triangle, so unless a big move above 11564, then allow for a new low as shown for wave [v]. It's then it can set up for a partial retracement in 3 waves.
The content of this article is for educational purposes only, the information supplied shall not be construed as a recommendation to buy or sell any security or financial instrument. Wavepatterntraders will not be held responsible for any losses occurring from the information provided within the article. The information expressed within the article is solely the opinion of the author/owner. Wavepatterntraders are not registered investment advisers. Readers are strongly urged to consult an investment consultant before making any financial decisions or investments.
Recommended Content
Editors’ Picks
EUR/USD climbs to daily highs near 1.1180 following the Fed’s decision
EUR/USD now picks up extra pace and revisits the 1.1180 region after the Federal Reserve decided to cut its interest rates by 50 bps at its event on Wednesday.
GBP/USD hits fresh tops near 1.3300 on weaker Dollar
The Greenback is now accelerating its decline following the Fed’s decision to reduce its interest rates, sending GBP/USD to fresh tops in the 1.3290 zone.
Gold clinches a record high near $2,600 ahead of Powell
Prices of Gold gather extra steam and hit an all-time top near the $2,600 mark per ounce troy as investors continue to assess the 50 bps rate cut by the Federal Reseve and warm up for the usual press conference by Chief Jerome Powell.
Federal Reserve set for first interest-rate reduction in four years amid growing bets of jumbo cut
The Federal Reserve is widely expected to lower the policy rate after the September meeting. The revised Summary of Economic Projections and Fed Chairman Powell’s remarks could provide important clues about the rate outlook.
UK CPI set to grow at stable 2.2% in August ahead of BoE meeting
The United Kingdom Office for National Statistics will release August Consumer Price Index figures on Wednesday. Inflation, as measured by the CPI, is one of the main factors on which the Bank of England bases its monetary policy decision, meaning the data is considered a major mover of the Pound Sterling.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.