TusharThete

Banknifty probable EW counts

Long
NSE:BANKNIFTY   NIFTY BANK
74 views
5
It seems BN completed 3.i @ 20462 and corrective waves are unfolding which is about to complete in coming days.

Holding 20000, chances are high to surge ahead.

Seems its a Buy on Dips.
Trade active: Seems 3.ii done @ 20088 and and 3.iii started with huge gap up
Trade closed manually: Apologies for the late update as been busy in work. closed the trade as price closed below 38% of last retracement (20088-20142).

Comments

Elliottwave Triangle will always have 5 legs internally. Thanks & Regards.
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TusharThete AbhishekHSinghCMT
@AbhishekHSinghCMT,

Noted!

ew approach is quite challenging...learnin to wait for a pattern confirmation instead predicting the move.
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will 3iii be equal to 1.27 or 1.61 3i and target we are looking at ? can you elaborate more on it ? I don't follow elliot so no idea
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@neneram,

Usually wave 3 must be more than 100% of wave 1. Its normally steeper, sharper and faster of all waves with formation of gaps in between. I've seen wave 3 extended anywhere between 100%-461%.

Its really difficult at times to estimate top, instead TSL or profit booking is a best strategy in wave 3.

Hope this helps...
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