subhagghosh

#BANKNIFTY Short Term Positional View

Short
NSE:BANKNIFTY   NIFTY BANK
Downtrend Analysis #banknifty

Wave 3 length is 15,533

Wave 4 is 38.2 % to 61.8% of Wave 3 i.e within the range of 22,049 - 25,715.

The current high 23,080 is 44.8% of Wave 3.

Why we assume the wave 4 is complete is due to the following reasons:-

1. #banknifty was having a strong resistance at 22,480 and it took some time & good momentum to break it.
2. Resistance turned to Support.
3. 8th June'20 1 Hour candle ( 14:15 to 15:15) H 23,058 to 22,553 shows selling pressure.
4. On Friday ( 10th June), we closed below 22480 very easily at

Today closing is below 22480 at 22398.

Monday movement will be important, any move below 22350 will result in the following targets 22,050 / 21,100 /20,225

If the wave structure is correct and we don't cross 23,100 on immediate term, we see 18,777 / 16,116 /14,473

This is a very good place to book profit and seat aside and wait for the market to correct.
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