Nifty Bank Indexלונג
What will be BankNifty's Next Move
BN has retraced fast and deeply today. Everybody was surprised about the furious downmove. I was expecting BN to pull back from 43900 level which was 50% (normal) of it's minor 1st wave of major 5th wave. But I was doubtful as Nifty has almost completed it's 3rd wave move by making an expanding triangle of minor 5th wave move and if Nifty started it's 3rd wave correction, BN could less likely to go up.
I could not post yesterday for Nifty & especially BN. Now, what will be the likelyhood of BN? I think if BN breaks it's minor 1st wave of major 5th wave (reflex point), BN will enter in a bearish zone and shorting opportunity arrive from 43660(23.6% pull back of 1050 pts or higher from 43800(38.2% pull back)
I think as per Elliott Wave rules BN should go up at least 45500 level. So, if BN retain it's swing low of minor 1st wave of major 5th wave, we would see a strong & fast up rally from 43397 level. We should wait for a Order Block for confirmation or wait for it surpass it's 38.2% of wave C to have a storng upmove.
I could not post yesterday for Nifty & especially BN. Now, what will be the likelyhood of BN? I think if BN breaks it's minor 1st wave of major 5th wave (reflex point), BN will enter in a bearish zone and shorting opportunity arrive from 43660(23.6% pull back of 1050 pts or higher from 43800(38.2% pull back)
I think as per Elliott Wave rules BN should go up at least 45500 level. So, if BN retain it's swing low of minor 1st wave of major 5th wave, we would see a strong & fast up rally from 43397 level. We should wait for a Order Block for confirmation or wait for it surpass it's 38.2% of wave C to have a storng upmove.
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