Bank Nifty : What;s Brewing & What's Next with Waves !
Updated
BankNifty... After some 10 days we are back to Nifty's favorite brother BankNifty. Many of you might remember how we rode Nifty with Waves, Now same for BankNifty ? Let's see... We already caught the Wave-3 and made money{check prev.post if you have missed that post}, Now lets concentrate on Wave-4. BankNifty getting caught within 100 points range is rare occurence, now its in 19700's region which has prev. ranging zone.
If we go down on timeframe {15mins}, we can see some ranging patterns, I cud have drawn that but I wanted to present overall view on BankNifty, so used Hourly. On the breakout 19700's{Short} & 19900's{Long}, if there is Long breakout on Banknifty it will be treated as Wave-5. Else we can grab few points in remaining wave-4, so after BankNifty reaches next zone 19400's we can decide what to do further.
If you have doubts on Elliots, check TechM sunday special post on drawing Elliott's.
Happy Trading !
If we go down on timeframe {15mins}, we can see some ranging patterns, I cud have drawn that but I wanted to present overall view on BankNifty, so used Hourly. On the breakout 19700's{Short} & 19900's{Long}, if there is Long breakout on Banknifty it will be treated as Wave-5. Else we can grab few points in remaining wave-4, so after BankNifty reaches next zone 19400's we can decide what to do further.
If you have doubts on Elliots, check TechM sunday special post on drawing Elliott's.
Happy Trading !
Note
My Views for Nifty or BankNifty hasn't changed and its not good if I post this chart again, it will be repetitive act which I don''t like. So, will do some stock today !Note
Still BankNifty remains in the zone !Note
For Intraday BankNifty Traders, check your rules before Trading !Note
Will be easier for you to compare, every step of trade...
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