We witnessed a 650 points fall in bank nifty, but it didn't reach the target levels predicted.
Today's fall could be the Vth wave of wave 3. The day ended with wave 4. So, over one or two days, we should see a more significant fall in wave 5, taking the index to the support levels (45815 & 45660). The wave numbering is shown in the charts.
The wave counting and the analysis will fail if the bank nifty moves upwards.
I still have the bearish view fully intact. Trade with appropriate stop loss.
Today's fall could be the Vth wave of wave 3. The day ended with wave 4. So, over one or two days, we should see a more significant fall in wave 5, taking the index to the support levels (45815 & 45660). The wave numbering is shown in the charts.
The wave counting and the analysis will fail if the bank nifty moves upwards.
I still have the bearish view fully intact. Trade with appropriate stop loss.
Trade closed: target reached:
Elliot waves do work... Today, we witnessed the 5th wave falling.
Not sure if all five waves of the downfall are done or if the 5th of the 5th will resume tomorrow.
Tomorrow's movement would suggest if we are in the next major 4th wave on the upside. My other chart ideas can be seen for better understanding.
Not sure if all five waves of the downfall are done or if the 5th of the 5th will resume tomorrow.
Tomorrow's movement would suggest if we are in the next major 4th wave on the upside. My other chart ideas can be seen for better understanding.