BANK NIFTY TRADE SET UP AS PER ELLIOT WAVE ANALYSIS BANK NIFTY SELL CALL ACTIVE BELOW 19550 FOR THE TGT OF 18045 TO 17600.
AND IF BANK NIFTY TRADE ABOVE 20750 OUR 2nd WAVE WILL VIOLATE AND THIS SET UP WILL CANCEL ABOVE 20750 AND IF BANK NIFTY
TRADE BELOW 19550 WAVE 3rd WILL ACTIVE FOR THE TGT OF 18045 TO 17600 NEAR CHANNEL SUPPORT.
The stock has already taken its move.
The stock is moving up-direction.
The value is moving higher and chances are it will continue move higher.
Yet the perception is that the market is perhaps at a point where investors should be buying.
Major support level is 1853.
Nifty index, has formed a bearish correction wave after the completion of the impulse wave that started at the end of the 2008 Crisis, pushing equities higher and higher.
NIFTY looks to make lows at 9800 or even drift lower as time passes.
With elections around the corner, it doesn't seem that impossible either.
SO, keep your positions light and breezy in the...
I always love to trade such a chart but on 5 min. time frame :) Not possible ?? Yes, its possible.. but we will discuss on this topic later in some other post.
CORRECTIONS and the ELLIOT COUNT:
In this chart I can see three major correction. Each one having a different topping pattern. The first correction has a Rising Wedge; the second has Triple Top and...