Going Short on Banking Stocks? Elliotical Approach to BankNifty.Hello Traders!
1. We see a completed 3rd wave of impulse that started after Lockdown - March 2020.
2. We see a clear zigzag correction for Wave a, marked with red ABC.
3. We see a 3-wave Wave b . The count of wave C of this wave is being shared here for clarity.
4.The most expected target for BankNifty should be around 30500 . This is because we see the possibility of an expanded flat (3-3-5). There is also an important guideline of Elliot wave theory that Wave 4 of a cycle falls very close to the Wave 4 of Wave 3 of the same cycle . A figure is attached for more clarification.
5. The final 5th Wave of the impulse is expected once the C wave of this 4th wave is complete as shown on the chart.
Do use proper risk management.
Happy Trading!
Profits,
Market's Mechanic.
