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.
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13:02 Hrs 27th Sep2016
BN turning from exactly 19575 - Made a low@19574.70 approx- that level has to be broken.
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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
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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.
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13:30 Hrs 27th Sep2016
Don't get confused with the move if Nifty is below 8733 -BN will go down
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13:40 Hrs 27th Sep2016
Critical Stop for current downside move - 19678 + 3 points more = 19681 for Targets downside 19350-19400
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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.
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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.
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15:01 Hrs 27th Sep2016
Trading@19500 Made session low@19479
Let us book profits
Comments
ManikManna
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Sirji, Thank you for such a good call and update time to time. Booked some profits just now.
WaveTalks
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Welcome Bro
walter0202
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Nice Nice !!
WaveTalks
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Welcome
ManikManna
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Sir, I am a beginner & some time face difficulties to understand. At the current level @ 19577 should i short Bank nifty?
WaveTalks
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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.