#INDUSINDBK has completed its Wave B of ABC correction which was abcde Symmetrical Triangle. It should most likely break downwards and target the end of Wave C at Rs 906. #Nifty #Nifty50 #NiftyFutures #Banknifty #niftybank #Elliotwaves
Positional and Intraday trading opportunity.
Short at 1465-1468
Stop for intraday 1490
Stop for positional / swing 1525
1) Bearish trend template (daily chart)- Filter 1
2) Downward sloping daily pivotzones (5 min chart) and close below 375 period moving average of daily pivot zones (5 min chart) - Filter 2.
INDUSINDBK HAS A PICTURE PERFECT CHART. ALL WAVES ARE MADE TO MEASURE. THIS IS FORMING AN ABC CORRECTION OUT OF WHICH WAVE A IS A ZIGZAG WITH 5TH WAVE AS THE EXTENDED WAVE. THIS MEANS THE COUNTER-WAVE OF THE SAME DEGREE SHOULD NOT BE ABLE TO RETRACE THE DOWNMOVE COMPLETELY, WHICH GIVES US A STOPLOSS OF 1721. THE UPMOVE IN THE FORM OF B WAVE IS ALMOST COMPLETE WITH...