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Probable Banknifty EW Bearish counts contd...

Banknifty found resistance around 19881 (mentioned in last post) and "Sell on rises" worked well.

It seems wave 3 is unfolding with sub waves. 19374, 19244, 19044 are likely supports of last retracement.

Lets see how it unfolds...

Probable Banknifty EW Bearish counts

It seems inner and higher 5s are done around 19923. Any upmove above it invalidate current counts and would require a re calculation. 

However current conditions are suggesting a "Sell on rises" and holding 19712 resistances would be 19793, 19818, 19842, 19881.

Lets see how it unfolds...

Probable Banknifty EW Bullish counts contd...

Banknifty wave 4 correted up to 23% and started unfolding wave 5 now. It seems wave 5.iii already completed and wave 5.iv is unfolding.

Lets see how it unfolds...

Probable Banknifty EW Bullish counts contd...

Banknifty wave 4 correted up to 23% and started unfolding wave 5 now. It seeems wave 5.iii already completed and wave 5.iv is unfolding.

Lets see how it unfolds...

Probable Banknifty Bullish EW counts

It seems Banknifty completed its wave 3 at 19723 and staying below, its likely wave 4 unfolding.

As wave 3 is extended more than 200% of wave 1; wave 4 can correct up to 23%-38% of wave 3 which is around 19535-19419.

Lets see  how it unfolds...

Probable Nifty EW counts

It seems Nifty completed its larger 3rd wave at 8969 and currently 4th wave is unfolding, which may complete around 8490, below which it could head to 8343-8195.

Lets see  how it unfolds...

Nifty Daily Chart:

Being in a corrective mode, the price pattern/ behaviour could take any form namely abc-x-abc or just an abc(3-3-3) and so on. Prices have been making Lower Highs and Lower lows since the “8969”. Till this pattern continues, corrections do.

Nifty Hourly Chart:

For short term, Staying above 8709(38% of last retracement)conditions are favoring a bounce but with a lack of confidence so one needs to be careful to initiate any trade with small stoploss.

Nifty 15 Minutes Chart:

विजयादशमीच्या हार्दिक शुभेच्छा...!!