Thursday, April 05, 2012

Canara Bank, Karnataka Bank - Elliott Wave Analysis

Canara Bank seems to have completed a 3 wave move down. What followed the 3 wave move was a small 5 wave rally, this is the rally which we are waiting for as Elliotticians. We may have a couple of more days of flat to down price action, which should be followed by a spurt in prices. Interesting is the price development in one other bank chart shown below.

Karnataka Bank is showing same pattern development too. And the implications of the pattern are similar to what we are expecting in Canara Bank.

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