DOUBLE CORRECTION WXY HAS BEEN DONE ON BANK NIFTY @33360.SINCE THEN IT IS MOVING IN 3 WAVES MEANING WE WILL HAVE ANOTHER CORRECTION.SECOND CONNECTING WAVE X HAS TAKEN A FORM OF EXPANDING TRIANGLE OF WHICH A,B,C,D LEG'S ARE DONE.EXPECTING LAST LEG E BOUNCE ON BANK NIFTY FROM CURRENT PRICE OF 33540 TILL 34350 AFTER WHICH A BREAKOUT WILL OCCUR OR WE WILL SEE A START OF THIRD CORRECTION.
AS OF NOW BANK NIFTY IS A BUY @CMP OF 33540 WITH A STOP LOSS OF 33300 WITH A TARGET OF 34350.
AS OF NOW BANK NIFTY IS A BUY @CMP OF 33540 WITH A STOP LOSS OF 33300 WITH A TARGET OF 34350.
Trade closed: stop reached:
BANK NIFTY WAS TAKING SUPPORT NEAR 33350-33400 RANGE AND IT LOOKED LIKE WAVE X WILL BE EXPANDED TRIANGLE HAVING 5 LEGS(ABCDE) ON 30 MINS CHART.LONG IDEA WAS SUGGESTED FOR REMAINING LEG E ONLY.EVENTUALLY WAVE X TURNED OUT TO BE ONLY ABC FLAT CORRECTION AND BREACHED SUPPORT OF 33350 AND STARTED A NEW CORRECTION WAVE Z.FROM HERE WAVE Z EXTENTION TARGET IS 31340.ANY BOUNCE IN INDEX WILL BE SOLD INTO UNTIL 31340 IS REACHED.