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This whole sequence goes into the bin if 20310 is taken out on top or these counts become invalidated.
A in wave-(1) from 20575 to 18825 is a rare structure where internal wave-4 is allowed to overlap wave-1 (the actual rule is wave-4 cannot overlap wave-1-which is allowed or relaxed for a structure).
Wave-2 is the most complex & looks like it is still unfolding in the form of W-X-Y internal waves.
We are in wave-Y of larger wave-2-- This wave looks like an irregular correction having internals ((a))-((b)) & ((c))
((c)) wave from lows@17605 has impulsive look having internals 1-2-3-4-5--- In ((c)) -it looks we have complete wave-4
Where wave-4 retraced 38.2% approx of wave-2-3 distance
We shall look for wave-5 which will complete wave-((c))- this wave ((c)) will complete wave-Y & finally wave-Y will complete wave-2
From close to 18720-18750's it was quite sharp up move@23rd Jan2017, but we will not hurry as we need to be sure that 18722 is not taken out to the downside -so,against 18722-we shall be looking for wave-5.
Important Junctures in Bank Nifty -how we captured some explosive moves in between since 20575 high has been attached below as "Related ideas"
There is a resistance here in the zone 18980-19000 once taken out -possibly again boom upside
Sellers could stop bulls so partial profits can be booked & join back once it crosses 19000 mark
As suggested, we need book partial profits & come back only above 19000 marks
Pullback cannot be denied -this pullback happens for those who want to go into long positions & have missed the buying opportunity.
Taking sell is for risky traders with stops above 19000 as one goes against the trend & trend is upside.
There is a resistance zone 19180-19185 where possible halt can happen else sustaining above 19185-19200 zone will take BN next to 19330-19350 zone.
Pull back to fill today's gap zone from 19055 can be possible -it will spend some time before it takes out today's resistance 19180-19185 zone for next higher zone between 19335-19385 where likely very strong resistance can be seen & we shall wind up everything in that zone.
Resistance zone is 19180-19190 likely one should book partial profits & if sustains above or moves above 19200 for 5-10 mins then only look upside or whole day it will make a boring session by doing sideways.
Likely it could hold here & going forward needs lot of courage to carry long positions beyond 19265.
Closing the long positions as it is too risky to hold long positions here. Going below 19150 - weakness will be seen in BN
This one "I still remember"
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ