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

AbhishekHSinghCMT Updated   
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

Twitter Handle

Telegram Handle

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.