W-3 should never be shorter than W-1, hence in my view , the point where (4) is marked the formation of internal w-(iii) of bigger W-3 has started. Now currently it's forming internal [w-(iii). 2], and if the breach of 31726 is prevented , BN will blast up like a wildfire with further targets, 33300 this week and above 34000 next week. It will go till 35K for sure. Hence BN is still very Bullish above 31726 and every dip should be a Buy.
@devendran, Yes bro , just a view..Well we'll make tons of cash on either side whichever it would be.
PriceAct-fugazitrader
⋅
@piyush175, buying at dip might be everyone's will be looking for... as of now.. BNF Facing the resistance on the higher time frames.. so I thought this pattern might be support to the lower time frame for little bit of correction so that BNF will break the 32700 level to move further towards uptrend after this correction
BhaRuch
⋅
Bank Nifty has broken down from the Rising Wedge pattern on Daily chart formed since September 2020. Today we got the confirmation candle. If it bounces back another 500 points, will be a ripe opportunity to short. Heading for 29500.
PriceAct-fugazitrader
⋅
@BhaRuch daily chart was not convincing for me for the wedge pattern.. so I did on hourly chart...
I'm unable to post the internal wave structure in both the comments.
It would be Internal wave II for internal wave iii of bigger wave 3
piyush175
⋅
The current formation is [w-3.(iii).(II) ] until 31726 is breached. With the breach of 32720 , the [ w-3.(iii).(III) ] would be confirmed and BN will shoot upto 35000