BANK NIFTY open equal to high (bearish signal)
Consecutive two NR7 days yes great move was expected.
In immediate update I had advocated to put stop loss for any
long position.
Vital black line indeed a critical line of the entire move of bank nifty.
Incessant selling today brought bank nifty to wl line of the pitch fork.
I was expecting a bounce from that line and 37400 ce value jumped sub 300 level to more than 700.
In this up move of bank nifty in last few days, we have accomplished 5 wave move to upside and this may be 1 st wave of final 5 th wave
this correction of today may be 2 nd wave. It retraced 50 percent of 1 st wave.
not yet sure. hence only when that black line is taken out we can see further up movement.
tomorrow it will be obvious.
In immediate update I had advocated to put stop loss for any
long position.
Vital black line indeed a critical line of the entire move of bank nifty.
Incessant selling today brought bank nifty to wl line of the pitch fork.
I was expecting a bounce from that line and 37400 ce value jumped sub 300 level to more than 700.
In this up move of bank nifty in last few days, we have accomplished 5 wave move to upside and this may be 1 st wave of final 5 th wave
this correction of today may be 2 nd wave. It retraced 50 percent of 1 st wave.
not yet sure. hence only when that black line is taken out we can see further up movement.
tomorrow it will be obvious.
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