Looks like its subdividing into its 5th wave at micro degree. Till the time 265-266 is not breached I will look upside till 274-275 as 1st target zone. Counting waves at such a lower degree is a nightmare, but I am doing my best.
Incase 265 is hit before going to 274 -275 zone, then I will have to look at the price structure again.
Key Zone- 265-266.
Trade active
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12:50 Hrs 19th Oct2016
Price@265.30
Moving in the range of 265-266 for quiet sometime so likely once banknifty completes the retracement & starts moving up it will push ICICI bank also upwards.
Comments
SohilShah
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yes m sure count would hv been a nightmare..can v discount a few rules..becuse wave 2 cannot be more than 61.8 % of wave 1 !!!! ???
WaveTalks
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No-its a guideline -its not a rule so wave 2 can go deep till 99.99% -I have seen in practice so just sharing it. We only have 3 cardinal rules.