Bank Nifty Elliot - Wave for the expiry week 22 May
Very unlikely that Bank Nifty would be crossing 18000 mark as the bank nifty is seeing strong resistance at this level. I am expecting it to be retreat back to 17500 Mark which is provides the support and may be Wave B of the Elliot wave. Could be a Non trend day with very low momentum on the expiry day to capture the maximum premiums of the option writers.
Things would be very ugly if the Bank nifty doesn't find the support at 17500 level as the assumption of Wave 5 ending at 17500 gets breached.
The other assumption would be that bank nifty continues Wave 4, and gives the rally upwards. I am seeing the strong resistance at 18500 level again from were I am expecting it to retrace again.
Things would be very ugly if the Bank nifty doesn't find the support at 17500 level as the assumption of Wave 5 ending at 17500 gets breached.
The other assumption would be that bank nifty continues Wave 4, and gives the rally upwards. I am seeing the strong resistance at 18500 level again from were I am expecting it to retrace again.
Feragatname
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