There is no need for you guys to know each n every component for analysis. Just any one of above 3 component is perfectly fine to do analysis on above chart. Asking how ?! Here it is...
waves - what does it imply ? A simple 5 wave count shown in above chart, wave (v) is moving down so on the trendline (violet) breakout we can initiate shorts with proper stops.
- Now is not needed here,Just Break of trendline is enough - You got trade opportunity but can use or other techniques for confirmation ( adding confidence ) but only thing it shudn't turn out as false breakout
Patterns - What do they say ?! They plot out most of market dynamics even what to expect next. So we have potential & . So if wave (v) completes at 19000 then we can have chances in BankNifty .
Discussing whether patterns upside move from 19k's is bcos of corrective abc's or bcos of pattern completion is No use. Its like discussing whether Hen or Egg came first ! Discussions on those won't help our trading, only trading chances help our trading, so use which ever you like - , ,Patterns ! Simpler the Better...
So as promised, BankNifty post is delivered usually people tend to be more interactive with Nifty so thats why I posted for Nifty only. Bcos the lack of interaction, discussion of ideas makes an idea dry, Pour in your thoughts to make it feel fresh & interactive which will keep me encouraged to post on BankNifty .
Are you Guys Happy ? Book profits & Trail the stops from Now !
Just an additional point (not to counter your view ) - there are people who use Wave 5 as longer or Wave 1 as lengthier instead of universally accepted wave 3 rule.