It has retraced forming a right shoulder to the pre existing head and left shoulder. let us hope neck line breakdown does not take place after rbi policy. other wise bears will have a great party just imagining the height of head. Today my target was missed by a whisker. Any long position should be initiated at lower level with strict stop loss. I have shown only probable movement of bank nifty but it is not definite . any long or short position should be with strict stop loss.