Symmetric Triangle in Axis Bank

After reaching the target of channel in Axis bank now it formed Symmetric triangle. Watch out for big volume breakout to enter the trade. Caution: Price is nearing Apex
Below is the 30 min chart of Axis Bank:

Update 12:01 PM:

Nifty is moving up with low volumes, hold with tight stop loss. Also volume near the break out is also not very big.

Channel in Axis Bank - June 23rd

Axis Bank formed a Channel, price tried to break the resistance line 5 times but failed every time! In the last resistance test also, there were no good volumes at the peak. so, this may not be considered as a Wolfe Wave. Look out for shorting oppurtionities (pivot low break downs etc) as the prices moves to test the support. But when the support is broken down with good volumes conviencingly, this would be a good short entry point with a target of 640-650 levels

If the resistance line is taken out, which seems unlikely though, then it could become strong support. Below is the Hourly chart Axis Bank:

Update: Diamond Pattern in Axis Bank

Update on Diamond Pattern in Axis Bank. Axis bank formed a small head and shoulders near the resistance. It formed a long legged hammer which will give support for it now. Move the stop loss to any of the support zone depending up on risk appetite. Below is the 15 min chart of axis bank

Update: Diamond Pattern in Axis Bank

Update on Diamond Pattern in Axis Bank, book intraday profits here as price is taking resistance from previous pivot, also now its 3:20PM remember :) Below is the 15 min chart of axis bank.

PS: Intraday profits 5%

Update: Diamond Pattern in Axis Bank

Ahh.. Forgot to send this, Axis bank Bearish wolfe wave target is reached. Below is the 1 min chart of axis bank

Update: Diamond Pattern in Axis Bank

Update on Diamond Pattern in Axis Bank, axis bank is forming bearish wolfe wave in 1 min time frame. As nifty is at 4500 range, be cautious with the profits. Below is the 1 min bearish wolfe wave in axis bank.

Update: Diamond Pattern in Axis Bank

Update on Diamond Pattern in Axis Bank, Now axis bank is at resistance point. There are two resistances, hold with strict stop loss to cover profits. If we get break out we get very good profits here. Below is the inverted head and shoulders pattern in axis bank in 15 min time frame.

Diamond Pattern in Axis Bank

Diamond Pattern is formed Axis bank, breakout is possible in either sides. Watch out for good volumes at the break out. Target will be the height of the diamond pattern. A bowl shaped volumes are visible, generally this pattern consists of dome shaped or draining volumes. Below is the 15 min chart of Axis bank

Update on Axis Bank Bearish Gartley (1st June)

Continuation to Bearish Gartley in Axis Bank, 1st target has been hit today, at 11:30, defying the market trend again

Update on Axis Bank Gartley

Update on Axis Bank Bearish Gartley:

Today axis bank broke the highs of the yesterday but the Gartley Pattern is still valid as it didn't beat the filter. Some of the points to note are:

1. Formed double top with yesterdays and today's peaks, with volumes support (yesterday's peak's volumes are more than today's peak)
   
2. This Double Top will be confirmed when the Rs.771 is decisively taken down (with good volumes and spreads).
   
3. A point to note that yesterday's low and today's low are not a double bottom as the volumes at yesterday's low are significantly higher than today's low.
   
4. Also, this should not be confused with a Channel, because the volumes are not draining, as they should be in a channel.
   
5. We can clearly see that the positive market sentiments are pulling it up but the bearishness in the pattern is slowing the up moves.
   

Below is the latest chart:

Update on Axis Bank Gartley

In continuation with the Bearish Gartley in Axis Bank that I posted yesterday, Axis Bank defied the markets and moved down today! While Nifty closed at +1.43% up, Axis Bank shut shop at -1.97% down.

A Perfect Gartley in Axis Bank

Axis Bank has formed a very nice Gartley Pattern since past 7 days.

X to A = 99
A to B = 61
B to C = 38
C to D = 61
A to D = 85

Here, AB = CD
AB/XA = 61.61%
BC/AB = 62.29%
CD/BC = 62.29%

First Target will be 61.8% of AD, which is about Rs.750
Second Target will be 127.2% of AD, which is about Rs.694