AbhishekHSinghCMT

Bank Nifty- Pullback in 4th wave -5th Wave Downside below 19575

Short
AbhishekHSinghCMT Updated   
NSE:BANKNIFTY   NIFTY BANK
BN-Bank Nifty
At a minor degree there is a triangle which is tracing out in 4th wave -if correct -let us be ready to see a downside thrust below 19575.

Be careful with levels.

Once it gets activated below 19575 likely BN should touch the channel bottom, which comes in the zone 19350-19400.

Trade active: 13:02 Hrs 27th Sep2016

BN turning from exactly 19575 - Made a low@19574.70 approx- that level has to be broken.
Trade active: 13:21 Hrs 27th Sep2016

Be careful -it has dipped to just make a new low@19559 -Not falling as expected

Likely I will book that small loss@19600's
Trade active: 13:24 Hrs 27th Sep2016

Trading at 19590

There is a reason for this move either it should fall fast can't reverse from the low@19559
or likely it is all done on downside.
Comment: 13:30 Hrs 27th Sep2016

Don't get confused with the move if Nifty is below 8733 -BN will go down
Trade active: 13:40 Hrs 27th Sep2016

Critical Stop for current downside move - 19678 + 3 points more = 19681 for Targets downside 19350-19400
Trade active: 14:18 Hrs 27th Sep2016

Trailing my stop to e-wave high@19646 for shorts taken at 19577. Its becoming risky as 19550-19560 is forming a base downside.
Trade active: 14:37 Hrs 27th Sep2016

Trading@19520

Finally, it breaks after a lot of struggle. I shall be looking for 19460-19470 as temporary halt & bounce & then fall again to the zone 19350-19400.
Trade active: 15:01 Hrs 27th Sep2016

Trading@19500 Made session low@19479

Let us book profits

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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