this weekly chart presents a vivid description
of the whole on going wave counts.
we are up in three waves then we had a pull back in wave 4
which is 38.5 percent of wave 3.
Incidentally we had a pull back in wave 2 which was around 61.8 percent of wave 1.
Only we are waiting for the on going wave 5 to take out the high of wave 3
Coz only 3 waves up move is not sufficient to level the on going up move in
bank nifty from the start as an impulsive move.
The retracement of wave 2 and wave 4 nicely represents the alternation .
Only wait for the high of this week to be taken out.
Results from sbi ,icici bank. axis bank will boost bank nifty .
And don't expect hdfc bank to correct more.
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Look at the monthly chart then weekly then daily and then hourly to
get a clear picture. Time frame in lower time frame is always chaotic.
This post depicts the probable movement of bank nifty .
This post is not meant for short term trading as it is based on weekly chart.