Yesterday, It was really exciting day- When Nifty travelled from top 19500-19570 zone's to 19300-19325 which I expected it will travel 38.2% of the rise from 19000 to 19512 (19512 was the last high available to me before market opened yesterday) but hardly any difference as BN opened at 19571 & started falling so our zones 38.2% would hardly have shifted.
As expected that ((3)) wave is sub dividing into its own series of (1)-(2)-(3)-(4)-(5) - where we took advantage of (4) th wave within ((3)) wave so likely, we should continue to the desired zone of 19650-19675 where it will complete 361.8% of ((1)) wave
As waves is subdividing so ((3)) wave is travelling such a high distance like 361.8% of its respective wave-((1))
Likely you should book some profits close to yesterday's high@19570 & if crosses then hold for 19650-91675 zones.
Heading upside for 19600 post retracement
Looking for a pullback in the zone 19550-19575 for future buying
Close to level expected above but it not downtrend be careful as likely we are interested to buy if we get 19550-19570
3rd attempt from morning back 2 back
Bang On - BN makes 19569 low which was earlier swing high & bouncing so we will enter into longs with stop below 19650.
Going below 19600 - we will exit current buy position or hold your position with 19599 stops.
Previous update was at 13:23 Hrs
We will book at 19650 & shall wait outside of markets on sidelines -to see further action
We traded as shown in arrows & almost 300+ points in Bank Nifty Today. Currently exited at 19650 -Looks like W-X-Y pattern. The Y wave could be equal in size to W wave at 19540-19550's.
So, If that zone holds 19540-19550 - we will likely see a push to the day's high-19721 again.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ