Bank Nifty - Connecting Piece -Double Top Story 2010-2013

473 10
Update 9 mentioned below - Beauty to realise key level at 21550
gave the thrust from 21600 levels to 21900 as I was talking to myself frequently during the post- 21600-21600 not breaking keep an eye. It went sharp upside 300 points on 18th April2017 as expected & had a sharp fall from 21947 post our profit booking.
Got a V-Shaped Recovery important clue to let us know that some top has been formed so 21947- Taking it to be an important top & reference point.
This whole sequence had extended wave-3 - which I experienced very closely.

Update 7 - Double Top Story 2010-2013 Cycle will it repeat - gives long term outlook & can become reality if BN starts moving below 20575

Trading Strategy
Update 8 - has important zone 21395-21400 zone where Bank Nifty Took Support & spending time- once BN slips below 21395-21400 zone - then it can become more exciting for bears & we shall come with target projections & shall update in the post.

Recap from 17605
17605 was the printed low in Dec2016 -from where this sizeable impulsive leg started & looks like it has put 21947 -an important top on 18th April2017.

All charts below are nested charts - clicked can take you into the history- how we moved. Starting from 17605.

Update 1- Bearish Engulfing & Happy Jan2017 Series on 28th Dec2016
Result- Selling was advised below 17700 -BN did not move below 17700 - later Happy Jan2017 Series started

Update 2 - Bank Nifty 2016 Diary -Tricky 17828-18443-18740
Result - Those who read that post now realise the importance of 17828 levels

Update 3 - Super 17828 Support - Did you use it?
Result - What a start to Bank Nifty in 2017 - 2nd Jan2017 low@17844 Gave Intraday 200+ points & 3rd Jan2017 came even close to key level of 17828- formed a low of 17830 -Wow!

Learning sessions in between with Spinning Top Candle (Corrected Later to - Shooting Star Candlestick pattern)

Update 4 - Final Leg from 18723 lows - Happy Republic day 26th Jan2017
Result - BN jumped from 18722 lows & crossed 19200 - I closed position at 19265- because it was moving upside like a crazy fellow.

Update 5 - 1500 points & 345 -What Next- Are you Kaabil?
Result- Got Important low at 19435 within the updates & moved upside

Update 6 - Can RBI Rate Cut@8th Feb2017 -Hold Bank Nifty
Result- we had 19435 as important swing low

Update 7- Double Top Story of 2010-2013 Cycle will it repeat
Result - Just to See if 20575 -Key level is taken out soon but it did not & kept moving upside.

Update 8- Double Top to cap at 21700 & Double Bottom to Sell below 21395
Result- Got important low@21395-21400 zone- Down Move can start only below 21395- if sustains

Update 9- Beauty to realise key level at 21550
Result - Boom - Have you heard the explosion from 21600 to 21900 - Target Achieved- Made high at 21947

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - India
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ


Abhi .... So in your view Which will be safer level to Short BN ? ... and Abhi ... if you go on Winning trades like this soon you will be BILLION DOLLAR (abhi) SHEKH :)
@HappyVijay, Thanks but this is one of the possibility, finally have to wait for markets to react.
How a man on earth remember to keep track everything, you are wonderful person have everseen, such a great work ji really appreciate u
@maheysh, Thanks -Trying my best to help the community & wonderful people we have here in the community.
Basic Question : Why elliot wave's have to be 0f 5 legs why not 6 or 7 ?
@neneram, I don't know because I never invented but yes 0.618 is crucial fib level or inverse of 0.618 which is 1.618 is also important level which is evident in universal examples like Human hand . We have 5 fingers & ehas 3 larger divisions -if you divide 3 by 5 -you get .618 or 61.8% -an important level so I think 5 fingers so impulsive moves are of 5 waves & 3 divisions so retracement happens in 3 waves that's we call it 5 waves to progress & 3 waves to regress. Hope, I have answered your query to close attempt. Regards.
Hi Abhishek..great hold on bank nifty patterns you have. Good going.
@samayra, Thanks, but I always say we should never get excited in markets & let market show us the way next & we should follow it. Afterall Market is God.
What a journey, well explained the journey in detail. That is Abhishek
@Subra1953, Thanks & Welcome.
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