From lows@18824 - I have just tweaked my counts as W-X-Y pattern where W- wave divided into a-b-c count internally. X-wave made a low@19322-driver's point as per previous update. Y-equals 61.8% of the W - wave in the zone 19780-19800.
Zone 19800-19820 is also important as it is confluenced by earlier supply zone@19816- from where BN had a fall till lows@18824.
Likely, BN should not go below 19569 & one can be bullish for an upside leg, which is pending in the current situation.
Financial Markets are full of risk so kindly monitor your own positions & do your due diligence.
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09:35 Hrs 21st Oct2016
From Highs@19721 it could be trading into channel & W-X-Y Wave. Y wave equals W wave in the 19520-19530 zone & channel bounce could be closely watched for a bounce to target zone 19660-19670 or above the 19680 highs for target zone 19780-19800
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10:20 Hrs 21st Oct2016
Trading@19575
Bulls & Bears both are fighting at current levels - here risk management is another part of the analysis which one should take care. As suggested earlier bounce could be expected from the 19520-19530 zone. BN made a low@19519, so one should exit if it goes below 19545 to take small profits & enter above 19680 for another up leg or if you are ready to take a stop loss at cost price@19520.Target zones remain 19670-1680 & above 19680 for 19780-19800.
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11:08 Hrs 21st Oct2016
Again channel can be used for buying -look for BN to get in the zone 19490-19515 - Holds & starts moving up -we can have jump till 19630-19645 & if crosses above 19650 then hold till 19670-19680 & if crosses 19680 then for 19780-19800.
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11:52 Hrs 21st Oct2016
Again Bulls & Bears are fighting this Y-wave is also sub dividing into a-b- c move. b is just completed at 19590's so we will leave long positions & try to pick again at channel bottom
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12:45 Hrs 21st Oct2016
Trading@19590 This is a corrective structure so every time it goes down you have to buy - never try to sell. Once it crosses 19680 -it will head upside only either at channel bottoms you can pick or above 19680.
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14:25 Hrs 21st Oct2016
How channel has restricted BN - It turns from 19635 as expected earlier updates
Channel top & bottoms are always safe to trade
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15:21 Hrs 21st Oct2016
Trading@19735
Whenever a picture completes specially with green colors- vow, it becomes so beautiful- heading close to target of 19780-19800 zone.
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14:17 Hrs 24th Oct2016
Trading@19880
Bank Nifty now has to sustain above 19900 to give us confidence that it wants to travel upside.
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06:40 Hrs 25th Oct2016
Yesterday, as expected BN turned exactly from 19900 highs & dipped till 19775-19790 zone- I was looking out for BN to cross 19900 to give me more confidence.
Our Strong Support Zone today is 19500-19525 & Above that 19740-19760 small gap zone all can act as testing zone -if BN holds these zones & it will likely push upside & going above 19900 -shall carry its upside move.
Comments
asokan
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Any analysis as of now for banknifty ? Thanks.
WaveTalks
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BN looks bullish if it drops to 19600-19660 zone that could be a good buying zone with stops below 19500 for targets 19850-19900
MukeshRajpurohit
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Now will it go to 19600-19660? Sir wil it down now?
WaveTalks
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I said if it comes down then it will be another buying zone with strict stop loss below 19500
MukeshRajpurohit
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Ok sir
deepen
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Bank nifty broke out of the triangular pattern. 50% retracement agt 19770 is reached and 61.8% is at 20000. That said the breakout can have more bullish implications as on the chart below. Like in Nifty wave c up may have started. This is the chart of spot bank nifty. c=a is at 21000. So once we break past 20000 we can expect it to extend to 21000. In case of bank nifty the entire fall is a triangle [3-3-3-3-3] and triangles precede final rallies. So this is the final rally up.
WaveTalks
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This is your analysis. I cannot comment anything without your charts. Likely it will be good if you publish your own view for the community.
asokan
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Pls continue with your good work Ahishek. Deepen, can you publish your view with supporting chart. B Rgds
UmeshMishra
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Great analysis...i have been taking clues from your ideas and minted some money. Today also exactly as per your view BNF touched a low of 19520 and not going up.