Hello Traders,
after observing NIFTY -1.02% Bank for many days and I decided to update my count.
Overall I stay bullish for NB.
By measuring the lenght of wave i and iii -1.32% you will notice, that wave iii -1.32% is longer than wave i. So the rules in case of the lenght for wave 3 in general is fulfilled (...never the shortest)!
Analysing wave i (red) and the correction in wave ii (red) it takes a bit more than 0.618 of time to correct the first move which is a common target in terms of time for wave ii. Measuring wave iv in terms of time, it took a bit more than 0.382 to correct wave iii -1.32% . Again a common target and it fits well the „overall look“! The minimum expectation for a wave 5 target (a new high) is also satisfied.
That lead us the the following conclusion.
It is possible that NB has finished his advance and a larger correction has started in a wave 4 of Minor degree (an expanding or running flat) with targets at or around 23400 zone. I really mean that it is one opportunity but I think wave ((5)) of v of (V) of 3 is too short in terms of price. So not my favorite.
The second one is, that a wave (1) of v of (v) of 5 has started and we`re in a wave (2) correction which is nearly done or with targets around 24470-24069 area. After that a advance to new highs is following and we may see an extending wave 5 (Minor)!
The third one is that we`re moving in a wave a-b-c ---4 correction (an expanding or running flat) with targets at or around 23400 zone.
No. 4 is this count is wrong and u can kick it...like Beckham...:-))!
Notice, that on a weekly time frame NB has create a „Evening star“-- pattern which is to confirm by coming week trading!
While no divergence is evident ( RSI ; RoC ...) I think we`re not done in a correction and have lower targets for the week ahead!
Have a great week...
ruebennase
Have a great week...
ruebennase
after observing NIFTY -1.02% Bank for many days and I decided to update my count.
Overall I stay bullish for NB.
By measuring the lenght of wave i and iii -1.32% you will notice, that wave iii -1.32% is longer than wave i. So the rules in case of the lenght for wave 3 in general is fulfilled (...never the shortest)!
Analysing wave i (red) and the correction in wave ii (red) it takes a bit more than 0.618 of time to correct the first move which is a common target in terms of time for wave ii. Measuring wave iv in terms of time, it took a bit more than 0.382 to correct wave iii -1.32% . Again a common target and it fits well the „overall look“! The minimum expectation for a wave 5 target (a new high) is also satisfied.
That lead us the the following conclusion.
It is possible that NB has finished his advance and a larger correction has started in a wave 4 of Minor degree (an expanding or running flat) with targets at or around 23400 zone. I really mean that it is one opportunity but I think wave ((5)) of v of (V) of 3 is too short in terms of price. So not my favorite.
The second one is, that a wave (1) of v of (v) of 5 has started and we`re in a wave (2) correction which is nearly done or with targets around 24470-24069 area. After that a advance to new highs is following and we may see an extending wave 5 (Minor)!
The third one is that we`re moving in a wave a-b-c ---4 correction (an expanding or running flat) with targets at or around 23400 zone.
No. 4 is this count is wrong and u can kick it...like Beckham...:-))!
Notice, that on a weekly time frame NB has create a „Evening star“-- pattern which is to confirm by coming week trading!
While no divergence is evident ( RSI ; RoC ...) I think we`re not done in a correction and have lower targets for the week ahead!
Have a great week...
ruebennase
Have a great week...
ruebennase