In 30min chart of bank nifty wave (i), (ii) and (iii) is completed at 31630, 31232 and 37708 respectively and wave (iv) is either completed at 35584 or complete in 35584-35234 range. wave (v) is still pending above 37708.
36180-35234 support range and BN is negative only below 35234.
From 13596 wave (i), (ii) and (iii) is completed at 13773, 13778 and 15257.
there is a confusion if wave (3) or (5) is completed at 15257 so we have to depend on the breakeven point which is coming at 14692.
So 14908-14692 will be support range as of now but if nifty trades below 14692 then its a negative sign.
From 29687 wave (i), (ii) and (iii) is completed at 31630, 31232 and 36615 respectively.
from 36615 may be wave (iv) is started and may complete in 35344-34558 range.
so 35344-34558 will be the support range for BN. but if it trades below 34558 then its a negative sign.
From 14753 it seems impulsive decline is going on and wave and is completed at 14371 and 14491 respectively.
from 14491 wave (1), (2), (3) and (4) is completed at 14260, 14438, 13713 and 13966 respectively and from 13966 wave (5) is started.
minimum projection of wave (5) is already achieved at 13669 and 61% is coming at 13486.
for exact completion range we...
Reliance 15min chart indicates that decline from 2120 is looks like an impulsive decline and wave (i), (ii) and (iii) is completed at 2035, 2075 and 1932 respectively and wave (iv) and (v) is pending.
1965-1986 is an immediate resistance range for wave (iv) retracement.
reliance may complete wave (iv) in 1965-1986 range and then it may again decline 70-115 points...
from 20405 wave (i), (ii) and (iii) is completed at 30945 and (iv) completed at 28976.
from 28976 wave (v) started and minimum 38% projection coming at 33003.
Banknifty declined sharply without achieving its minimum projection.
so lets have a look at on blue count.
from 20405 wave (a or i), (b or ii) and (c or iii) is completed at 24823,...
(v of ED) would be complete above 14275 and maximum range is 14340-14391.
And if nifty decline from here below lower wedge line then we have check again for support range and breakeven point in 1hour chart.
Kindly look at the daily chart idea also. link is given below
Reliance is looking positive after completion of a corrective wave at 1855.
Now breaking above wedge line will leads to given targets in coming days.
wait for breakout above upper wedge line OR if closes above 2000.
- Wait for breakout
- Closing below lower wedge line will be SL.