Banknifty probable EW counts Long

Nifty Bank IndexNSE

Description

⋅ Feb 16, 2017 12:49 PM

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

⋅ Feb 17, 2017 6:00 AM

Seems 3.ii done @ 20088 and and 3.iii started with huge gap up

Trade closed manually

⋅ Feb 19, 2017 2:30 PM

Apologies for the late update as been busy in work. closed the trade as price closed below 38% of last retracement (20088-20142).

BANKNIFTY EW counts

Comments

WaveTalks

⋅ Feb 18, 2017 1:30 AM

Elliottwave Triangle will always have 5 legs internally. Thanks & Regards.

TussharMThete

⋅ Feb 19, 2017 2:01 PM

@AbhishekHSinghCMT,

Noted!

ew approach is quite challenging...learnin to wait for a pattern confirmation instead predicting the move.

neneram

⋅ Feb 17, 2017 6:12 AM

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

TussharMThete

⋅ Feb 19, 2017 1:50 PM

@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...