Elliott wave analysis # use dip to go LONG
Nifty and BankNifty are in wave 5 of (3). Wave i of 5 was completed. Use wave ii correction to go long.
Projected level: 16050-100 and 36000-36100.
BankNifty
Projected level: 16050-100 and 36000-36100.
BankNifty
Note
From day low, an impulse completed wave 1. Wave 2 is in progress and about to complete. Going to move higher for 15900-950 level.Note
Banknifty: from day low wave i of 3 completed.. About to move higher for 36000 level.Both Nifty and BN may take 2-3 days to reach the level.
Note
Stop loss: 15675 and 34660Note
The fall may continue today after some pullback (maybe till 15760-800 level). It need to take out yesterday low.After this fall, I need to see wave formation to get view on direction.
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