Monday, January 30, 2012

Banknifty wave (4) comes at 9115 - 8813 band !

Banknifty also seems to have completed the wave [3] and is undergoing a correction in wave [4]. The preceding wave (4) range comes at 9115 - 8813, so once we break the 9456 level we are sure to test this band. Also an important thing to mark here as well as on Nifty is that MACD is not showing divergence, and made a new high consistent with the wave [3] development. So once complete this correction and turn back up again, we might form a good negative divergence on waves [3] and [5], to complete wave I.


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