During my initial days, I used to think that once I master technical analysis, I’ll become unstoppable and a great trader. I guess I was not alone believing this especially when you’re new to markets. So I devoted myself to all the books and material I could find to learn technical analysis. I had Kindle…
GLAXO has given a nice and clean breakout in weekly chart. This is significant since this pattern has been evolving since around 2015 and this resistance has been in force since last almost 8 years now. Remember that the longer the pattern, larger the move typically. In terms of size, the up move could be…
INDIAVIX has broken out from long term trendline and the impact was seen on NIFTY today which took nearly 300 point hit. If VIX continues to stay above the trendline then chances are we have made a medium term top in NIFTY and next few weeks might result in more red days. Be cautious if you’re carrying longs…
NSE:BANDHANBANK (Bandhan Bank) has given a strong breakout from a triangle formation with good volumes in today’s session. It looks like a descending triangle but the breakout has occurred on the upside. Volumes look good as well. Height of the formation gives a 25% move and the stock closed 4.4% up today from the upper…
Covering BTC after a long time, last update was in March and then this update is kind of continuation of what I shared in that post. Bitcoin started impulse move from the lows in November 2022. It’s moving nicely in a channel and seem to have completed waves 1 and 2 of larger impulse which…
Amazon has formed an inverse head & shoulders pattern which has bullish implications but there is a sustainable breakout. Given the good results in past few quarters, fundamentals also support the bullish view. Having said that, recessionary fears are here to stay though it might still be some time before something starts showing up in…
This is the daily chart of Apple and market is about to open in few minutes. Stock seem to be forming bullish wedge and there have been three touchpoints at both top and bottom trendlines of the wedge. It would be interesting to see if the stock still remains in the range and reverses after…
In the daily chart above you can see a bearish flag formation in EURUSD with a large pole. Setup hasn’t materialized yet fully and it’s still trading within the flag though price attempted to break down below the flag. Since we are at the bottom, either the prices could try to go up and touch…
Here is the daily chart of NSE:NIFTY which has started showing some signs of weakness. Firstly, you can see a head and shoulders at the top with neckline in blue. Neckline has been broken down. Head and shoulders (H&S) is a classic reversal pattern which is good at capturing tops and bottoms. This could be…
This is Triveni Engineering (NSE:TRIVENI) quarterly chart. In the chart I have marked the long term impulse wave counts in yellow, and internal fractals in orange (impulses) and red (corrective). It feels really good when you see such clean, textbook wave counts as they reinforce your confidence into Elliott wave theory and it’s practicality. I…