BANKNIFTY: final leg will be ABCD pattern. Details in chart

It seems that (A) is completed and reversal to (B) commenced. I hope the last impulse leg will be an ABCD pattern. I consider restatement to 3 theoretical levels of 38%,50%,62% and drawn the ABCD pattern in three different colours. The projections are totally theoretical and time definitely differ. Do your own analysis.

Bình luận:

As I already mentioned as the waves to are formed in 3 waves, the fifth wave also should be formed in 3 waves. I.e., ABC. (The refers to circle marked in my previous charts. Refer my previous charts.)
After completing wave A, correction i.e., down move to form wave B should happen.
It seems that ends of wave A has shifted little bit to accommodate extension of sub waves 4 and 5.
Chances for another 150 to 200 points up move also possible. Then correction to be happen.
CAUTION 1
As I said the wave 5 should be formed in 3 waves. Some times the ending last wave may also form in 5 waves. If that is the case price will move forming higher highs.
We shall analyse it as it happens.
CAUTION 2
Always take your trades based on price action, such as bullish bearish candles/patterns, breakout/breakdown of trend lines/ support and resistance.

Bình luận:

Down move almost confirmed. If 5M candle closes and sustains below trend line connecting 16th low and yesterday low is more confirmation. Downside levels may be watched as mentioned in the theoretical chart.