Tata Consumer Product Ltd . The beauty of Trend & PatternsThe idea here is about :Tata Consumer Product Ltd.
I thought of publishing this to show the beauty of how the trend is interconnected with harmonic, wave patterns & market sentiments.
Below are the points taken from the chart:
1. On 15th September 2021 downtrend channel begins & till 16th November 2021 chart completes double top & Bearish ABCDE pattern.
2. From 16th November 2021 till 20th December 2021 price sees a downtrend breaking the previous support zone.
3. From 20th December 2021 till 14th January 2022 price retraces but gets rejected from the previous support zone which is now become a resistance zone.
4. From 14th January 2022 till 7th March 2022 price continues in the downtrend direction forming a falling wedge pattern.
5. From 7th March 2022 till 2nd May 2022 price moves in the opposite direction of the downtrend and breaks the downtrend channel. I see it as over brought zone. Price couldn’t keep the upward momentum & again gets back in the downtrend channel from 4th May 2022 till 26th May 2022 and tests the newly formed support zone.
6. From 26th May 2022 to 7th July 2022 price tries to break the downtrend and forms a ascending triangle, price breaks the downtrend successfully on 8th July 2022. This is a clean break out of the downtrend channel.
7. 8th till 14th July 2022 price retests the downtrend and confirms a upward momentum.
8. From 12th July 2022 till 12th August 2022 price completes shark pattern.
9. Shark Pattern: The shark candlestick pattern is a new harmonic chart pattern discovered in 2011 by Scott Carney that indicates a trend reversal possibility.
Entry, stop loss & Exit targets are provided for understanding the shark pattern on the chart.
As traders we cannot foresee things clearly until certain points are established on chart. Therefore it is always better to have patience and wait for clear signals before we make our move in the market.
One should always swim along with the market instead of hopping on and off at the wrong time.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.
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Downtrend
$AZRE slow sad declineClassic illustration of a head & shoulders top. A perfect sustained downtrend.
0ff 87% of ATH.
Yes stocks can fall to zero.
$ETH On The Way Down
$ETH headed toward previous support zones nearing $1300s. Below previous resistance, 13 EMA, 50 EMA and 200 EMA. Plus if there is a slight uptrend it will have to back through the 2 layers which it has respected previously. Seeing going down to previous zones for consolidation and push up.
Will the trend continue? Watching AUDUSD today, same as yesterday however today we got a signal candle. Looking for a retracement entry as we're not at the open yet so can expect some volatility soon.
Looking at yesterdays move we had a more exaggerated overnight move which lead to some strong downside, here we're had a stable overnight session so there is a risk price may push higher. Watching GBPUSD too, which has posted some lower wicks late Thursday suggesting potential bullish pressure.
Ultimately the trade ticks the boxes so we need to take it, but I'd be much more confident if this setup appeared yesterday instead.
Ethereum will drop to $400The double top appeared on the weekly chart, which means the beginning of a trend reversal. Today the price fell below the $ 4,000 support level. This is a good sign of confirmation of a downtrend that has been going on for almost 1 month now. In the medium term, we should expect a price of about $ 400.
Final crash is coming !We have so many confluences on this set up :
1) We can see a rejection of the higher band in the descending channel.
2) Another rejection of the 618 from the past impulsion.
3) Friday the Jackson Hole summit of the Fed provides us negative news fundamentally, Hikes IR -> investors will change their positions from equities to Bonds or most simply Banks. And even more investors will buy USD (wait and see $€).
4) Technically, the bearish divergence on RSI is not a good signal to buy.
5) Even tough, the price still have power to reach the final target.
6) We have a daily Head&Shoulder.
7) Moreover, seasonality is with us, because over the last decades, usually September has been a negative month.
To sum up, we have at least 7 confluences and fundamentals are clearly bearish with a hawkish monetary policy from the Fed.
Let's look for an entry point now !
$BTC Down We Go Again | Trade Idea
Yesterday, the BTC daily didnt appeal to me as much as the ETH chart did but today is a different story. Same factors that are against ETH are against BTC:
13 EMA
50 EMA
200 EMA
McDonald's Arches are present pattern here
All in all I see this easily retracing back to the support zone highlighted. The question though is will it hold?