Week In Review 19 – 23 Oct 2020

Week In Review 19 – 23 Oct 2020.

Nifty was in a tight range of 243 points for the entirety of the week, between 11,775 ~ 12,018.  Fluctuation was hardly 1% on either side from the opening price of the week 11,879, which was ideal for Option sellers.

Below we provide some excerpts from our posts of the current week from Monday 19 Oct to Friday 23 Oct 2020.  (Full posts accessible to subscribers only).
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On Monday morning, 19 Oct, Bank Nifty CMP 23,860 Excerpt “Short term target is 24,187 to 24,800”  (By close of 21 Oct, Bank Nifty rallied 1,000 points, and reached 24,812).

19 Oct BSE Oil & Gas Index Excerpt “..We have been waiting for a signal that the correction is complete…  ”
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On Tuesday, 20 Oct Dow Jones Industrial Average Excerpt “Price has followed script closely for a couple of months… So far every twist and turn has been forecast with reasonably high accuracy, so we see no reason to think any other pattern is in play..

20 Oct, BSE Power Index “Short term, a *** is expected.  

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On Wednesday, 21 Oct Nifty 50 “Once wave B is complete, price should ** in wave C.”
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On Thursday, 22 Oct Bank Nifty “Bank Nifty had a good run in the last 3 days, rallying 1,000 points, and appears to have completed wave v of ** at 24,821.”

22 Oct, Nifty Pharma : “Bottom line : Probability has shifted …”
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On Friday, 23 Oct BSE Metals Index “BSE Metals Index has followed script beautifully since we first identified a break out in May 2020.”

23 Oct, USD / INR : “Price is essentially where it was a month ago. ..1st downside target of 73 has been met 7 weeks ago.  Minimum target was met, when price reached 72.75 on Aug 31.”

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Markets are fascinating.  The patterns that play out make them even more so.  These patterns provide us with opportunities, and inform us when to buy, stay in the trade, and exit.

There is no holy grail to trading.  But pattern recognition and risk management are probably the most important factors for success for technical traders and investors.

Elliott Wave forecasting is based on patterns probability.

Our coverage of Nifty and Bank Nifty is usually once a week each (sometimes more).  Besides analyzing each index chart individually, we also correlate Indian Indices with U.S. markets, specifically the Dow Jones Industrial Average.

By looking further at sectoral indian indices (like BSE Metals, Nifty FMCG, BSE Power, BSE Auto, Nifty Realty, Nifty I.T., BSE Oil & Gas), our subscribers get a view by sector, and also a bird’s eye view of what to expect from the markets overall.

We are not a signal providing service.  We recognize that most traders have developed their own style of trading based on their individual comfort levels, and we respect that.  What we do provide is thoughtful, clear analysis based on price patterns.