Hey guys continue to our last analysis of BANDHAN BANK LTD. Today I went through the weekly chart and it looks bandhan bank has corrected like 4th wave correction. It given time and as well as price wise correction in 2nd wave. The first wave was leading diagonal. The buying support came at around 61.8% level of fibonacci, now if we take this level as invalidation we can see the higher levels in 3rd wave...! The analysis will be invalidated if BANDHAN BANK move below 258 level on weekly closing basis.
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the drawn above 3rd nd 5th is just a resistance line
imkhushal
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when we count it for an impulse, 4 should not go in the territory of 1, it can happen in diagonal.
sabu_m
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I think one condition of a leading diagonal is that wave 1 and 3 and wave 2 and 4 should converge, here you have marked 3 and 5 as converging where wave 1 and 3 is diverging... Can it be considered as a leading diagonal if 3 and 5 converges instead of 1 and 3.