Likely Axis Bank too is giving an impression of a triangle in current wave sequence. Let us see whether Axis Bank gets support above 513-which is key level & recent swing low.
Trading Strategy 1
513 -key level as short term support - we could see a bounce in the zone 530-535 zone.
Trading Strategy 2
Once it goes close to 535-540's zone - Keeping 545 as key resistance level- we want to be in the bearish camp.
Small fall as expected looks like done so let us see whether we get the bounce as expected earlier.
Trade active
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08:57 Hrs 25th Oct2016
There is small mini top@526 - Going Above that it is likely to move up & we shall target 535-540 zone but not above 545 mark.
Comments
niteshkumar
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Abhishek vvv good analysis axis bank downside tgt what will be if it goes 535-540 zone
WaveTalks
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Likely the zone 480-490 shall be the target zone.
nirav5
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Wow Interesting!! Thanks Abhishek.
I have one question, in the weekly chart 5 th wave made a high near 640 so can we say it was a truncated wave?
WaveTalks
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Yaa-It likely looks truncated -which is very tough to guess -in real world -people guess this, but by the time they do so -market has already finished its game. As the fall from 640's is impulsive- gives me 50% clue that we could have a truncated 5th wave & waiting for another 50% by the kind of pullback we get- once Axis takes support in the zone 480-490.