So if there is any pullback to check the resistance-turned-support area 19000's, we will be ready to get long in Banknifty . That's the simple setup we are looking at. We can also count starting from 18450's, and wave 3 getting completed around 161.8% of Wave 1. Wait friends, nothing rosy as it looks, bcos 161.8% n wave 3 doesn't imply it will return for sure,so that we all can go short. If we have to trade wave 3 to 4, look for other valid confirmations & enter, bcos its possible that banknifty may decide to reverse @ 2.0 or 2.24 fib extensions.
If all goes fine and short plan worked, book profits around 19000's (+/- 0.5 %) and initiate long positions around our marked entry zone in Banknifty . We can call it as pullback entry or based on waves or someother , all are good n valid. It's myth that one method is better than other. So if we take long positions @ 19000 in banknifty we are aiming around 700pts, only if everything goes as we have analysed. Yeah ! Let's go n Buy some Banks :)
Feel free to leave comments to discuss/ Hit Likes if you agree... Happy Trading !
Anyone long on Bank Nifty ? Looks like that simple Pullback Entry did wonders...20k on ? Let's see..