Nasdaq is looking extreme bearish as per the weekly chart shown here. We can see a long term H&S formation since last 2 years and now Nasdaq seem to be on verge of breaking down from there. We don’t have a close below neckline yet but we can see that the right shoulder has fallen…
Gold made a double top as shown in the weekly chart followed by breakdown and retest of the support level. It is now trading below the support line which makes it look like a genuine double top so far. For the uninitiated, double tops are bearish reversal patterns and confirmed breakdown from such patterns can…
JPASSOCIAT has broken out from a falling wedge with good volumes. Falling wedges are typically bullish in nature and this wedge has been in formation since more than an year now. Longer the timeframe, larger the moves. There might be pullbacks but if we go by classic TA the size of this move that has…
In weekly chart of Deepak Nitrite (DEEPAKNTR), we can clearly see a bullish falling wedge pattern. There had been a breakout followed by a retest. We got a positive close this week with a strong 8% weekly rise in a weak market. As per classic TA, the size of the up move should be at…
Mahindra & Mahindra Finance (M&MFIN) has formed a bullish head and shoulder pattern in monthly chart. Last Friday, it tested the neckline after breaking out. Volumes are missing on breakout so it doesn’t give much confidence. Plus, given the current market conditions, I wouldn’t be surprised if it turns out be a failed pattern since…
SPX has formed a bearish head and shoulder (H&S) pattern in daily and neckline has been broken. Yesterday, it tried to retest the neckline but failed. It might still try to do it and in the process may waste some time but once it continues down, it could go near 3500 as per the height…
Bitcoin is at a precarious position and trading near the previous major swing low around 17567. If this breaks then the next major support is around 11900/12000 zone. Wave wise, we’re in wave Z of complex correction and the level also coincides with size of wave Z if we take Z = W.
This is weekly chart of Aluminium. It seems to be forming a large H&S (head and shoulder) pattern which looks super bearish, if the neckline is broken with good volumes and there is a follow through. Previous swing low around 2306 at neckline is already broken. If this H&S materialises then we’re looking at level…
BNBUSD (Binance Coin) formed a nice H&S (head and shoulder) formation, broke down and now retesting the neckline. Notice the decreasing volume on rise from beginning of August which shows weakness. Neckline around 288 seem like a good place to short and we might see 225 or lower levels in days to come.
BTC has broken down from a bearish channel/flag with good volumes. Minimum we’re looking at is around 20K (height of channel). Trading around $20750 as of writing this. However, if we consider the flag pattern then the downside would be much deeper, around $19K.