Pessimism in economy and bank nifty in bull market.
Updated
Fiscal defecit wideneing and falling rupee prices against dollar
could not hinder the bull market in bank nifty,
Last week I was little confused about the completion of
wave 5 rd as it retraced from the top line of the diogonal.
As we see 4th week candle violated the low of 3 rd week candle
but there was no subsequent selling.
It is really difficult to know where the impulse wave ends ,
On weekly chart it appears the recent pull back is 4th wave pull back.
when 3 rd wave is extended 4 th wave pull back can be shallow here 23.6 percent.
so it appears still upside left in bank nifty.
important level to watch whether friday low is violated on closing basis or not
if Friday's low is convinishingly broken then nest support comes at 42730,
upside target for bank nifty is 43757.
it appears to me upside target will be hit unless we see narrow range days
could not hinder the bull market in bank nifty,
Last week I was little confused about the completion of
wave 5 rd as it retraced from the top line of the diogonal.
As we see 4th week candle violated the low of 3 rd week candle
but there was no subsequent selling.
It is really difficult to know where the impulse wave ends ,
On weekly chart it appears the recent pull back is 4th wave pull back.
when 3 rd wave is extended 4 th wave pull back can be shallow here 23.6 percent.
so it appears still upside left in bank nifty.
important level to watch whether friday low is violated on closing basis or not
if Friday's low is convinishingly broken then nest support comes at 42730,
upside target for bank nifty is 43757.
it appears to me upside target will be hit unless we see narrow range days
Note
Note
the above pich fork will help in determining the trend.It has not violated the median line till now. in last but one hour in had tried to violate the median line but had pulled back.unless it violates the median line in hourly chart in closing basis there is nothing dangerous.Note
Note
I studied in detail.and I though I should update.at present nothing conclusive.there was 3 wave decline and after that we had 3 wave rise on thursday.after that
it has declined on friday.bank nifty need to take out thursday high to rise further,
alternately if it breaks lower arrow then it will be c wave which will be 5 wave decline.so wait and watch what happens on monday to take further action.
Note
3rd wave only 3 waves are there at present,
Related publications
Disclaimer
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.