Expiry Special Analysis for 27th Aug'2020.

#banknifty OI 12% and price up by 1.39 % shows long buildups.

Now Every Resistance that we had, has turned into support.

Upside target's opened are 23,568 / 24,284 / 24,328 / 24,556 as long as 22,410 holds.

Will I short in this market? Yes, below 23,198 I will short.

Elliot Wave:-

Wave 1 :- 21,403 - 22,410
Wave 2 :- 22,410 - 21,901
Wave 3 :- 21,901 - 23,568 (1.618 of wave 1) - In progress.

Wave 4: 23,568 - 23,210 - Not started
Wave 5 : 23,210 - 24,328 - Not srarted

Now the question is where the setup will fail?

If #banknifty breaks 22,410 the setup fails.

Decision zone:- 23,322 - 23,198
BANKNIFTYChart PatternsHarmonic PatternsniftybankTrend Analysis

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