sgor1980

PunjabNationalBank: Probable Irregular 'B' Wave

NSE:PNB   PUNJAB NATL BANK
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Here I have tried to simplify the wave counting on the chart of PNB, as far as possible.

The stock looks to be under irregular-B wave of its flat corrective pattern, most probably. The stock may see rally up to 184 depending on the completion of its sub-micro wave (4).

After the completion of the sub-micro wave (5), also completing micro wave 'rounded-C' and sub-minuette wave 'b', the stock may witness a fall up to the level of 112. However, an up date in this regard may be done in future.

As of now, the stock seems to be under bull phase and may see resistance only at or around 184. But, if the stock goes below 148.55 level in the near future then the situation my get reverse and will require further analysis.
Comment:

As shown above in the chart, could be another possibility the stock may see, rather than being an irregular-b wave, the stock can be under the third wave of its wave V.

The chances are more that the stock may see this possible movement as shown above.
Thanks.
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sgor1980 nirav5
@nirav5, you're welcome!
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