BankNifty- Leading Diagonal Scenario

Sep 13, 2020

Leading Diagonals have 2 forms or shapes which is rarest of patterns seen in the markets
1st form - can be 5-3-5-3-5 structure (upside or downside)
2nd form- can be 3-3-3-3-3 structure (upside or downside)

Bank Nifty ( Possible 2nd form) unfolded from 24th March 2020
In the current scenario ( a possible example of 2nd form i.e. 3-3-3-3-3- could have unfolded in Bank Nifty) - i.e. ( Wave-i circled is yellow wave - (w)-(x)-(y) ) & so on.

When all global markets turned upside in March 2020- Most of us thought, it could be upside bounce soon to reverse down ( which is a very common reaction because we had a severe correction on account of Covid19 or Corona Virus) & we still struggling with the tricky situation thinking that some big corrections could unfold soon & has tested the patience of majority market participants.

Support & Resistance for Bank Nifty
1st Support -21400
2nd Support-21000

1st Resistance-22700
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Note
This is not a trading call. Kindly do your own due diligence. Consult a financial advisor before taking any trading based on this view. Purely for Educational Purpose
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Sep 21, 2020

Trade closed manually

14:28 Hrs / 21st Sep 2020

Last Price - 21480

Day Low - 21360

What a fall big fall as expected in the last BNF idea.

Hope You Enjoyed the Fall to the support zone 21400- Have a lovely week ahead. Thanks