I better be wrong
I was looking at Bank Nifty on monthly charts and was trying to fit it into an impulse But I saw and overlap 13407.35(purpoted end of wave 4 of intermediate level) and 13414.30 (purpoted end of wave 1 of intermediate degree) . Wave 4 can never overlap wave 1 . Because of this I had to label the entire move from 2007 as a triple zig zag for Bank Nifty . (Caveat Bank stocks pre date Bank Nifty - so we may not be getting the full wave - For a better study we should look at the oldest listing of a Public Sector and a private sector bank - but anyway) .
There are the observations
1. There is a bearish RSI divergence in the present wave Z . And RSI is not in an oversold zone. Thats not good .
2. If it is a triple zig zag . We will have A-B-C . So this C is not a 3 . So C is the last wave . And this C is impulsive .
3. For conservative targets A=C . It comes at 24504 and 1.618 comes at 28641 .
4. We can also calculate the target from within C also which is an impulse .
There is a cluster of targets in the vicinity of 25500 - 26000. This is the actionable point for opening shorts .
I was looking at Bank Nifty on monthly charts and was trying to fit it into an impulse But I saw and overlap 13407.35(purpoted end of wave 4 of intermediate level) and 13414.30 (purpoted end of wave 1 of intermediate degree) . Wave 4 can never overlap wave 1 . Because of this I had to label the entire move from 2007 as a triple zig zag for Bank Nifty . (Caveat Bank stocks pre date Bank Nifty - so we may not be getting the full wave - For a better study we should look at the oldest listing of a Public Sector and a private sector bank - but anyway) .
There are the observations
1. There is a bearish RSI divergence in the present wave Z . And RSI is not in an oversold zone. Thats not good .
2. If it is a triple zig zag . We will have A-B-C . So this C is not a 3 . So C is the last wave . And this C is impulsive .
3. For conservative targets A=C . It comes at 24504 and 1.618 comes at 28641 .
4. We can also calculate the target from within C also which is an impulse .
There is a cluster of targets in the vicinity of 25500 - 26000. This is the actionable point for opening shorts .
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.