Friday, January 20, 2012

Banknifty 5 wave move nearing completion!

Daily Chart
This daily chart of Banknifty shows unlike Nifty Banknifty has completed the TZZ correction. Now it is ready to start a big up move, and the recent price action supports our view.
But according to EWP once a 5 wave up move is complete we get a corection to that upmove. And this stupendous rise in Banknifty is very close to completing the 5 wave advance, check the hourly chart below.
Hourly Chart
In this chart we can see that currently we are forming an extension in wave (5) of this 5 wave upmove. And once complete should be subjected to a sharp correction owing to the extension in the wave (5). The (a) wave of this correction will reach the low of wave {2} of the extending wave (5). And then after a corrective advance wave (c) should resume. Since we expect Nifty to make a new low, this correction should be deep in case of Banknifty. Lets see how things pan out in near future, but Banknifty bulls beware.

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