Bank Nifty : What;s Brewing & What's Next with Waves !
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 !
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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 !
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Still BankNifty remains in the zone !
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For Intraday BankNifty Traders, check your rules before Trading !
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Will be easier for you to compare, every step of trade...
