From highs@19611 - I have an alternate count as another series of down wave & likely in 5th wave of 2nd series, which will complete 61.8% target zone 1-3 wave distance at 17930-17950 zone
Likely safe traders sell below 18440's as BN will waste time here in the zone of 18500-18700
Kindly Traders who have taken short remember to cut their trades or book losses if BN moves above 18610- risk of 100-120 points & Gain of 500-550 points. If breaks recent low 18440 then it will be nice for down move & next halt could be seen between 18180-18200 zone of double bottom where profit bookings can come & going below that it will be down till 17930-17950 zone.
Bang on Target for kissing the previous double bottom -Take a tea break & let us start back after it falls below double or triple bottom.
Recent lows between 18180-18200 look -how you could play with supports- double bottoms -triple bottoms & make some money in between-
The pullback to 18350-18400 zone cannot be denied
Bang on for the Bounce as expected - I said bounce cannot be denied in the previous update- look it bounced to 18489 & dropped as well - What a ride--Amazzzzzing
Price rejected from 18500 in 2nd Dec2016 has sharp spikes on upside suggesting that sellers have joined in numbers to ride BN for an upcoming move.
Going below 18150-18175 & if sustained below the zone it could push Bank Nifty down to 17900-17950
Waiting for RBI Policy
Enjoyed the Double Bottom- Triple Bottom in the zone 18180-18200 till current highs couple of times hitting the zone 18500-18550
The time has come to be careful- Buying will be risky & can trap- Likely not favorable buy setup & post or pre RBI policy - it could hit upside 18590-18650's & once it starts moving below 18450 & holding below that will be our clue that BN wants to move down & going below double-triple bottom 18180-18200 is definitely bearish which can push BN to even 17600-17700 zones.
Alternate scenario, if buying at current levels of 18500-18550 should hold with 18450 else it is risky.
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw