Bata India bounced back from trendline support and has sustained above it. It is continuously facing resistance near yearly R2. Any close above Yearly R2 will take the stock to 1800. This month the candlestick pattern also looks like it can either be piercing or bullish engulfing pattern.
Long term tight channel since 2016.
3 excesses at the value and one excess at value low.
5 waves are completed.
A previous Resistance and Wave(3) at 28227(can be upcoming support).
50 days moving average is at 28080 nearby (too far for work as support).
Measurement of all falls mentioned in the chart, as per this measurement expected current until 13th Aug...
I will update BANKNITFY shortly.
As per technically, till there is not much positiveness on nifty nor in banknifty.
NOTE: For Live ALERT, Kindly hit LIKE button.
NIFTY is following as per my chart. please check below post also.
Wait for Tail to trade. There're two channels, one is yellow which closed and another channel till final wave remain. A (5) wave projection is plotted on the chart with considering control price and no trade activities area.
I have also used the timeCycle but did not add it here cause of complexity.
Support as Value...
As per my Theory, 5th wave always give you fired move as seen past. You can also check perfection on BANKNIFTY too.
Tomorrow morning, I will update you what is going next?
If this is an excess of channel, then target is 11650 nearby and Resistance 11666.
--> Let me remind you.
On the date, Jul 12 2019 Channel first drawed by me....
Resistance(30840 nearby) avlaible from two factors,
1 "Control Price" of main channel.
2 (3) wave count of channel.
In moreover I plotted 5 small channel the l into main channel. The 5th channel is absolutely differet from all other channels which is shown with yellow color. There is still more in small 4 channels of trend is up while 5th Channel is a flat...