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

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


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

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

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Sirji, Thank you for such a good call and update time to time. Booked some profits just now.
Welcome Bro
walter0202 AbhishekHSinghCMT
Nice Nice !!
Sir, I am a beginner & some time face difficulties to understand. At the current level @ 19577 should i short Bank nifty?
See-Markets are full of risk. It's not a risk free investment. As I am taking this structure as a triangle in 4th wave which has critical level@19678 -if that is taken out before Bank Nifty falling to desired zone of 19350-19400 then likely -this structure is wrong & we will have to forcefully book 100 points loss. Any Analyst comes up with calls they just tell you the level but here you should understand Why- Reason is C-wave within that small triangle has high@19678 -I am taking + 3 points so keeping a stop@19681. If you can afford to take this much risk then you can take short or if you can't afford to lose none then I will suggest - wait outside let this structure complete & we shall see some decent pull back later on.
ManikManna AbhishekHSinghCMT
Ok Sir, Thank you.
looks like a triangle in wave 4
That's what I have also written above