BANK NIFTY unable to cross the channel line.
Updated
It gapped up on Wednesday ,
Tried to cross the channel line but failed.
Of course the structure of bank nifty has not violated yet.
Still it is forming higher highs and higher lows.
That it is in uptrend.
next clue we should look for how bank nifty reacts to weak global clues.
Most important Hdfc bank result which is schedule to come out today.
Hdfc bank has declined much after the announcement of mega merger.
wave counts of bank nifty as I have shown in the chart.
I have shown it as the recent retracement as 4 th wave of wave 3 of 1 st wave.
this wave count can be changed and uptrend still intact as long as price does not violate the pivot as shown in the chart.
During 4 th wave or 2 nd wave or B wave it is not easy to make money as it is in case of 3 rd wave or 5th wave or C wave.
I am trying to attach the hourly chart with this post for close look for bank nifty.
Tried to cross the channel line but failed.
Of course the structure of bank nifty has not violated yet.
Still it is forming higher highs and higher lows.
That it is in uptrend.
next clue we should look for how bank nifty reacts to weak global clues.
Most important Hdfc bank result which is schedule to come out today.
Hdfc bank has declined much after the announcement of mega merger.
wave counts of bank nifty as I have shown in the chart.
I have shown it as the recent retracement as 4 th wave of wave 3 of 1 st wave.
this wave count can be changed and uptrend still intact as long as price does not violate the pivot as shown in the chart.
During 4 th wave or 2 nd wave or B wave it is not easy to make money as it is in case of 3 rd wave or 5th wave or C wave.
I am trying to attach the hourly chart with this post for close look for bank nifty.
Note
as per the chart 3 rd wave of 1st wave is not yet completed.Note
Note
Why this 4 th wave or B wave is so frustrating?Look at the below bracketed 1 and 2
there was no retracement and no time consuming.
we had a pleasant rally for bank nifty.
Hence we are having a tough time with this retracement bracketed 4 or B.
But out come is likely to come soon.
If it happens to be B wave then bank nifty will come down
or otherwise we can have rally in bank nifty.
Note
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