Banknifty Positional Short can be taken at 24802-848- with Sl as 24972 Tgt New low below 23822
Wave A 25198 - 23822
Wave B 23822 - 24821-48 (approx)
Wave C 24848 (approx) to new low below 23822
Will be updated in future to track progress
Nifty Positional Short can be taken at 10060-68 with Sl as 10102 Tgt New low below 9685
Wave A 10137-9685
Wave B 9685 - 10068 (approx)
Wave C 10068 (approx) to new low below 9685
Will be updated in future to track progress
For Wednesday 13-Sep-2017
BankNifty Spot
Above 24830.5 Go Long For Targets 24881.8, 24904.8, 24957.2, 25024.8, 25053.2, 25099
Below 24738.9 Go Short For Targets 24687.6, 24664.6, 24612.2, 24544.6, 24516.2, 24470.4
Positional Sell on BankNifty
For Wednesday 13-Sep-2017
Nifty Spot
Above 10109.9 Go Long For Targets 10128.8, 10137.2, 10156.5, 10181.3, 10191.8, 10208.6
Below 10076.2 Go Short For Targets 10057.3, 10048.9, 10029.6, 10004.8, 9994.3, 9977.5
Positional Sell On Nifty
in monthly, voltas is in wave 3.
if we check the fractals of wave 3, then we have 2 scenarios.
1st scenario - wave (iii) of of 3 going on.
2nd scenario - wave is going on. Here i considered mar - oct 2016 rise as 3 wave.
in either case, voltas got ew targets of 670+ , so every meaningful dip is a buy.
Note: this post is for educational purpose
In monthly, ew count shows that sub wave C of wave (2) is going on here.
Here are the fractals of wave (2) in daily,
fibo extension of sub wave C. . 1(1251), 1.272(1085) quite possible here.
fibo retracement levels for wave (2). .382(1235), .5(1000) quite possible here.
It is been observed on the daily chart that the price action is forming lower highs and lower lows from Higher Highs and Higher lows, indicating a change in trend. It is further dip down and next support levels.
Target 1- 1725
Target 2- 1700
SL - 1775
in weekly, wave C is going on.
in closure look, there are a lot much left of wave C.
wave B retraced 50% of wave A, so wave C should be extended.
Now counting the fractals of wave C shows that, sub wave going on.
looking at the retracement levels it can plunge below 560 levels. So one should exit in every bounce.
Note: this is for educational purpose.
Can Butterfly Support ?
It could be too early to suggest whether Z-wave is completed or takes another complex form itself but yes butterfly can help to give some relief next few days
Long Term Analysis
We need move above X-factor@732 - Double Top which will suggest that correction is done & out & we will be looking for all greens in pharma sector.
Previous...
Nifty hourly chart clearly made double top and broke the neckline. It seems that downtrend is not yet over and we may see even lower level in coming days. I would observe 9966 - 9990 price Zone and short there on weakness anticipating the 5th wave to work for a good risk to reward trade.
At 9980 we anticipated a reversal and advised to be cautious on basis of broader markets action (look at nifty ADL divergence idea), we shorted bank of india and profited more than expected with the market fall. Now where is the market headed? This idea would talk about very short term and analysis is done on nifty spot daily chart.
The index is at a crucial...
Well we don't have any confirmation yet but it looks USDINR has traced 5 wave impulsive sequence from double top@69.05 to 63.56 & Nifty touched 10138.
Beauty is that now people talk about geo political tension between North Korea & U.S. - will that be the reason for market melt down or waves were indicating same.
I have no idea & so cannot predict where markets...
The Stock has shown a zig zag ABC correction on 60 min charts with 5-3-5 legs of ABC which is generally the end of a longer leg. The C wave has given its 5th leg and in my opinion, it is completed. A trade to go long with 69.40 as a stop-loss and 79 and 81 as targets give a risk/reward at 1:4 and 1:5 respectively. CAUTION ADVISED, STOPLOSS IS YOUR GOD AND YOU ARE...
Medium and short degree counts suggest some downside for bank of india.
Longer degree counts might disagree.
Never the less, it can be looked at for shorting opportunities in short term till the latest daily chart swing high is protected.
