I better be wrong
I was looking at Bank Nifty on monthly charts and was trying to fit it into an impulse But I saw and overlap 13407.35(purpoted end of wave 4 of intermediate level) and 13414.30 (purpoted end of wave 1 of intermediate degree) . Wave 4 can never overlap wave 1 . Because of this I had to label the entire move from 2007 as a triple zig zag for Bank Nifty . (Caveat Bank stocks pre date Bank Nifty - so we may not be getting the full wave - For a better study we should look at the oldest listing of a Public Sector and a private sector bank - but anyway) .
There are the observations
1. There is a bearish RSI divergence in the present wave Z . And RSI is not in an oversold zone. Thats not good .
2. If it is a triple zig zag . We will have A-B-C . So this C is not a 3 . So C is the last wave . And this C is impulsive .
3. For conservative targets A=C . It comes at 24504 and 1.618 comes at 28641 .
4. We can also calculate the target from within C also which is an impulse .
There is a cluster of targets in the vicinity of 25500 - 26000. This is the actionable point for opening shorts .
I was looking at Bank Nifty on monthly charts and was trying to fit it into an impulse But I saw and overlap 13407.35(purpoted end of wave 4 of intermediate level) and 13414.30 (purpoted end of wave 1 of intermediate degree) . Wave 4 can never overlap wave 1 . Because of this I had to label the entire move from 2007 as a triple zig zag for Bank Nifty . (Caveat Bank stocks pre date Bank Nifty - so we may not be getting the full wave - For a better study we should look at the oldest listing of a Public Sector and a private sector bank - but anyway) .
There are the observations
1. There is a bearish RSI divergence in the present wave Z . And RSI is not in an oversold zone. Thats not good .
2. If it is a triple zig zag . We will have A-B-C . So this C is not a 3 . So C is the last wave . And this C is impulsive .
3. For conservative targets A=C . It comes at 24504 and 1.618 comes at 28641 .
4. We can also calculate the target from within C also which is an impulse .
There is a cluster of targets in the vicinity of 25500 - 26000. This is the actionable point for opening shorts .