As per Elliot's wave pattern on the downside, Bank nifty is currently moving in the 4th wave.
The structure formed is one of the classical patterns of wave 4 - A horizontal flat.
We have had enough volatility recently (again, a classic of wave 4), and now it looks like the final leg of wave 4 is ongoing.
We could see a resistance trendline from which Bank Nifty fell thrice. We expect a bigger fall (wave 5) soon in the Bank Nifty chart.
Bank nifty can fall to 45000-45500 levels, and I'm expecting a decent rally from there (a curtailed wave 5 resulting in a larger trend resuming in the opposite direction).
Keep cash ready to invest at the right time (maybe around 45000 levels). Not an intraday trading idea; place appropriate stoploss.
The structure formed is one of the classical patterns of wave 4 - A horizontal flat.
We have had enough volatility recently (again, a classic of wave 4), and now it looks like the final leg of wave 4 is ongoing.
We could see a resistance trendline from which Bank Nifty fell thrice. We expect a bigger fall (wave 5) soon in the Bank Nifty chart.
Bank nifty can fall to 45000-45500 levels, and I'm expecting a decent rally from there (a curtailed wave 5 resulting in a larger trend resuming in the opposite direction).
Keep cash ready to invest at the right time (maybe around 45000 levels). Not an intraday trading idea; place appropriate stoploss.
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A stop-loss hunt was there above the trendline, and then the fall was as expected!