Sensex is in over bought zone and will crash soon to our target
bank nifty we will see upside move soon
Period: 04/02/2009 to 20/07/2020. No. of Points: 1,04,403. No. of Trades: 674. % Profitable: 52.37%. Profit Factor: 1.732 Points per trades: 154.90 No. of lots: 2 (1 lot is partially booked after 750 points which can be customized and remaining 1 lot is in trade until the trend is reversed).
From Current date 18th July Nifty at 10900 + Step 1: Nifty will retrace 78.6% till 11377.75. Step 2: To form a Head, NIFTY will fall from 11377.75 to 8800 level. Step 3: Nifty will then form another shoulder on the right. Step 4: Nifty breaks below 8800 and falls down to 6225-6350 level which is a big support level.
See the reaction at the lower line on the rising wedge. Once we break down we have two targets on the chart. A better entry could be the top of the wedge if you would like to sweeten the Risk-Reward ratio. I believe we will make a lower low. This rally doesn't make much sense and at these levels, I much rather be sitting in cash rather than hoping that the bubble...
jhunjhunwala - i don't track sensex, i track nifty50 also see, banknifty and nifty50 you will find, their correlation.