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BANK NIFTY FUTUREI HAVE WATCHED MANY A TOP BORDER ON THIS FORUM GIVING CALLS TO SHORT BNF SINCE THE LAST ATLEAST 600-1000 POINTS. SOME OF YOU MAY HAVE GOTTEN TRAPPED IN THAT ORDEAL.... HOWEVER, IF ONLY SOME OF YOU HAD DONE YOUR HOMEWORK, YOU MAY HAVE REALISED YYYYYYY U NEVER SHOULD HAVE SHORTED ..... BELOW IS A SIMPLE AND LOGICAL STEP TO WHAT UNFOLDED SINCE 20431 LOW. 1. NIFTY SPOT HAD ITS 200 DMA AT 10760 ON LAST MONTHS EXPIRY DAY, AND IT TOOK SUPPORT JUST 20-30 POINTS ABOVE THIS, WITH VERY HIGH VOLUMES AND THUS HELPED BANK NIFTY RECOVER AS WELL. 2. THE MARKINGS ON BNF IS WAVE 5, AND THIS IS THE LAST LEG OF THE LEG UP ON ''''''' MOST INCIDES''''''. AS YOU ALL ARE AWARE,, ELLIOT WAVES ARE FRACTOL PATTERNS WHICH REPEAT THEMSELVES OVER A PERIOD OF TIME. THESE PATTERNS REPEAT IN WAVE COUNTS OF 12345...ABC.... TO PUT SIMPLY AND KEEP REPEATING OVER N OVER N OVER. A. WE START THIS LAST LEG AT POINT 0 WHICH IS 20431 ON BNFUTURE, AND TAKE A LOOK AS HOW THINGS UNFOLD. WAVE 1 = 20431 TO 21840 = 1409 POINTS @ IMPULSIVE B. WAVE 2 = 21840 TO 21141 = 699 POINTS@ CORRECTIVE C. WAVE 3 = 21141 TO 23403 ..... SO FAR THE HIGH IS 23480. HOW DID I GET A FIGURE OF 23403 ????? TO DO THIS ONE HAS TO COMBINE A FIBONACCI RULE WITH EW. EW SAYS WAVE 3 CANNOT BE THE SHORTEST OF THE 3 IMPULSIVE WAVES WHICH ARE WAVE 1 3 N 5. IT CAN BE EQUAL TO 1, CAN HAVE EXTENSIONS, BUT CANNOT BE SHORTER THAN WAVE 1. SO WAVE 1 WAS 1409 POINTS, WAVE 2 WAS 699 POINTS . EXTENSIONS AS A THUMB RULE IN FIBONACCI ARE THE FOLLOWING.... 1.618...... 2.00......261.8.... 323.8, HENCE IF YOU CALCULATE THE EXTENSIONS OF % OF WAVE 2 @ 699 POINTS, YOU WILL COME TO 23403, AND THAT WAS IT...... TO TRAP LONGS, BNF DID 23480 AND CORRECTED 300 POINTS YESTERDAY IN A MATTER OF 5 MINUTES. HOW WILL WAVE 4 BEHAVE ????? WAVE 4 IS ALWAYS THE MOST LETHAL WAVE ON EITHER LONGS OR SHORTS..... IT WILL KILL PEOPLE ON BOTH SIDES ESPECIALLY IN A CORRECTIVE PHASE..... LUCKILY FOR US, WE ARE IN THE LAST LEG OF THE IMPULSIVE PHASE, HENCE WAVE 4 WILL BE MORE GENTLE, IT WILL INCITE EUPHORIA..... GET ALL RETAILERS INTO THE MARKET , START WAVE 5 WHICH WILL TAKE THE MARKET HIGHER AND THEN START ITS CORRECTIVE PHASE. HOW WILL WAVE 4 BEHAVE ???? WAVE 4 IS TYPICALLY 14.6%.... 23.6%...OR 38.2% OF WAVE 3. SO IF AND ONLY IF WE HAVE COMPLETED WAVE 3 AT 23480, THEN WAVE 3 WAS AS FOLLOWS 21141 TO 23403 = 2339 POINTS... THUS THE ABOVE FIBONACCI CALCULATIONS WILL GET YOU THE BELOW RETRACEMENTS OF WAVE 4 2339 POINTS @ 14.6% = 342 POINTS , SO 23480 LESS 342 = 23138 2339 POINTS @ 23.6% = 552 POINTS , SO 23480 LESS 552 = 22928 2339 POINTS @ 38.2% = 893 POINTS , SO 23480 LESS 893 = 22587 BANK NIFTY FUTURE WILL CORRECT TO A MINIMUM OF THE ABOVE 3 ZONES .... THAT IS GUARANTEED AS PER EW ANALYSIS. I WILL UPDATE LATER AS SOON AS WAVE 4 IS OVER ON THE WAVE 5 LEG UP...... PLEASE REMEMBER ....... WAVE 5 UP WILL BE THE LAST LEG ON MOST INDICES, AND A CORRECTIVE PHASE WILL START THERE, SO BE CAREFUL..... DO NOT GET CARRIED AWAY WITH THE ''''''' EUPHORIA'''''''' LASTLY SOME OF YOU MAY BE SURPRISED TO SEE ME HAVING MARKED WAVE 4 GOING ALL THE WAY DOWN UPTO 21840....... THAT IS A POSSIBILITY IF THE 3 FIBBO %S BREAK, BUT.... EW ALSO SAYS .... NO MATTER WHAT, WAVE 4 CANNOT ENTER THE PRICE TERRITORY OF WAVE 1 WHICH IS 21840, HENCE JUST TO CAUTION YOU ALL, I HAVE TAKEN THE LIBERTY TO SHOW YOU THAT 4TH CAN GO ALL THE WAY TO 21842..... BUT CANNOT ENTER THE PRICE TERRITORY OF WAVE 1 HIGH WHICH WAS 21840, IF IT DOES.... GOD HELP THIS MARKET
NSE:BANKNIFTY1!
by deepgups