B. Bank Nifty has completed a larger correction @ 3315 and it has resumed its bullish trend with impulsive waves. This impulse wave is in its 5th and will complete a larger wave.1 and commence a correction thereafter. In this scenario, the uptrend is capped @ 10700-10790 as the 3rd wave is smaller than the 1st.
2 comments:
hi sir good morning,
sir if we consider 12345, so bank nifty in new bull orbit
sir bank nifty low 8130 recent then going up up and up but not seen pause already 1500 point up so sir we r in new bull market?
regards,
alpesh
hi..alpesh,
Even a move upto 10700 can be interpreted as a corrective to the fall from 10744 to 3315. But what use this knowledge of labeling if we can not make money.
I prefer we understand the "direction of the index" and play the index to make money and keep the labeling as a secondary issue. When you combine TA with EW, you get such an approach.
The monthly TA will turn up firmly if we have a better closing this month and that will give more boost to the markets.
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