Bank Nifty:Bow Tie Diametric pattern.End of wave E.Go short.
Rise in Bank nifty seems to have taken a form of Bow-Tie diametric pattern.We have seen completion of wave A,B,C,D,E.Currently it seems like we are in the middle of wave F.Wave F equality target of wave B is coming at 34608.Also it seems like wave F internally is forming a flat corrective pattern of which wave A and wave B is done and today after price retracing wave A by 80% (at 35958) wave C has commenced.Internally wave C target of 100% and 161% extention of wave A is coming at 35163 and 34672 respectively in this flat correction.
Bank nifty 15 day cycle has also passed it's 2/3rd topping time zone and is ending on 6th june,along with this we also had a top formed on no moon which is yet not taken out.
One can go short with a stop-loss of 36100 at cmp of 35550 for a target of 34700.
Disclaimer:This are just my view on index.Do not trade solely on its basis.Posting this just for my future reference.
Bank nifty 15 day cycle has also passed it's 2/3rd topping time zone and is ending on 6th june,along with this we also had a top formed on no moon which is yet not taken out.
One can go short with a stop-loss of 36100 at cmp of 35550 for a target of 34700.
Disclaimer:This are just my view on index.Do not trade solely on its basis.Posting this just for my future reference.
Comment:
Trail SL to 35350
Comment:
exit short trade,trailing stop-loss is still not hit as we havent got hourly candle close above 35350,but still in current market scenario it's better to anticipate moves rather then wait for price action to give confirmation and then react.
It seems like Current wave F has ended as we have a channel support,ichimoku cloud support,35000 ce put oi and internal target of wave C of flat correction coming at 35160.
Exit short and go long at cmp of 35350 with a stop-loss of 35000, as we are nearing 15 day cycle zone coupled with above mentioned supports.target will update laters
exit short trade,trailing stop-loss is still not hit as we havent got hourly candle close above 35350,but still in current market scenario it's better to anticipate moves rather then wait for price action to give confirmation and then react.
It seems like Current wave F has ended as we have a channel support,ichimoku cloud support,35000 ce put oi and internal target of wave C of flat correction coming at 35160.
Exit short and go long at cmp of 35350 with a stop-loss of 35000, as we are nearing 15 day cycle zone coupled with above mentioned supports.target will update laters