In this video i have explained 1hour chart which suggesting complex correction is going on from 15431 and may be it is completed as triple zigzag correction at 14151 or still continue. 14280-14360 was an immediate resistance range and nifty closed above that range. now this same range will act as a support range. In 5min chart as of now its looks like a three wave move from 14151 to 14425. 14379-14351 is an immediate support range in 5min chart and if nifty trades below 14351 which is 38% retracement of (c or iii) then it will turn in to negative again. In Bank Nifty daily chart 33625-31098 is an immediate support range where banknifty is hovering around 31098 which is breakeven point for bank nifty. as of now its above that level. In 1hour chart 31835-32719 is an immediate resistance range and positive only above 32719. For immediate move if we see 15min chart of bank nifty then there are immediate support range and resistance range explained. Thanks for watching
@chirag_Khasiya For retracement range of 23.6 to 38.2% to act as an support,doesn't c or 3 rd wave needs to extentd till 161.8% of wave a or 1?????Which in case will negate pattern from an corrective to impulsive.
chirag_Khasiya
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@UNDERDOG-29, Minimum projection for (c or iii) is 100-123%. That's why
UNDERDOG-29
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@chirag_Khasiya, MENTIONED RANGE DID ACTED AS SUPPORT FOR BANK NIFTY AS TODAY'S LOW HAS NOT BREACHED 31345.
JagdishKumarPahuja
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well explained in the video. But since I have not fully understand so I will listen again & again .
Thanks
mhdebasis
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I think your analysis is wrong as we are in a complex correction W Leg was a flat followed by X wave now we are currently in wave 3 of a zig Zag correction which will extend with target of 13500.
JagdishKumarPahuja
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Does complex correction usually happens in wave 4 to book profits which was earned in wave 3.
OR
Can it also happen in Wave 2 . But wave 2 is a fast retracement of Wave 1.
It is also said in books that the wave 5 is Bull rally where retails traders are trapped.
Do you agree so ?
UNDERDOG-29
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@JagdishKumarPahuja, everything is true,in wave 5 new high is accompanied by decreasing volumes and mostly by an ending diagonal and momentum divergence.However if there isn't any economy/sector/stock specific news retracement wouldnt be more