We were long in banknifty since a long time; I have been trying to keep an update on the levels. Now, since it is moving a bit in range since sometime, it is not showing clarity for wave counting, it could be some wedge\ending diagonal. Never mind, right now it seems bullish for 30860/31120. 30860 can be touched on Monday itself, and if opens gap up, then it might open around 30860 itself. This time will not keep big targets upside.
See my other charts for such simple analysis and highly accurate setups. Link for previous banknifty ideas below.
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it gaps down and breaks the support in 5 min candle itself
i bought a 31000 CE expiring 24th dec on Friday. what is a good banknifty SL to consider in case it gaps up on Monday? i want to take advantage at the same time I want to be safe as well .
THANKS FOR UPDATE....does 31120 is a shorting opprtunity for target 30000??
yogi_sharma_elliottician
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@lyfdekho, no, there is no confirmation that 5th wave will end at that point. Maybe this point could be the start of new 3rd wave and move towards 31759 as well.
lyfdekho
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i think after breakout of triangle in wave 4. we are completed wave i of 5 as leading diagonal and one leg down for wave ii till 29900 than iii wave for creating next 52 week high in bank nifty. above 32611 ......
yogi_sharma_elliottician
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@lyfdekho yes that wedge kind of trendlines drawn above looks like end of some wave (1 or 5) and now new impulsive wave might have been initiated