When the correction could not surpass the 32.6 percent correction level
which could otherwise have led to massive sell off ,it had been
pointing towards some thing else cooking in banking sector.
the correction even did not violate the recent low which had retraced 32.6 percent of the rally.
pointed by upper black arrow in the chart.
same black arrow points towards the pull back of 2 nd wave just before violating the 1 st wave.
this correction is the correction of prior diogonal..
Main task for it now is to close above 20 period weekly moving average which is at 41898.
It has now crossed 200 period moving average on hourly time frame convincingly.
So I am looking for a rally ahead with intermittent pull backs.
I will try to attach few updates as here only I can post and I have preferred weekly.
Don,t forget to like this post.follow me to get updates.
which could otherwise have led to massive sell off ,it had been
pointing towards some thing else cooking in banking sector.
the correction even did not violate the recent low which had retraced 32.6 percent of the rally.
pointed by upper black arrow in the chart.
same black arrow points towards the pull back of 2 nd wave just before violating the 1 st wave.
this correction is the correction of prior diogonal..
Main task for it now is to close above 20 period weekly moving average which is at 41898.
It has now crossed 200 period moving average on hourly time frame convincingly.
So I am looking for a rally ahead with intermittent pull backs.
I will try to attach few updates as here only I can post and I have preferred weekly.
Don,t forget to like this post.follow me to get updates.
Comment:
Comment:
have been traing with in the channel since january 30.first time it has closed above
200 period moving average in hourly time frame.let us see now if it breaks the channel towards on the upside or not.High probabilty is there.
200 period moving average in hourly time frame.let us see now if it breaks the channel towards on the upside or not.High probabilty is there.
