Monday, September 10, 2012

Banknifty - Elliott Wave Update

Hourly Chart
Banknifty, has it completed the wave (5) of [c] of II or not. Just making the readers aware of a possibility. Whereas Nifty does not lend itself to a new low, if our count is correct. But the possibility cannot be ignored in Banknifty. The last rise clearly is impulsive, so on the chart above it can either be wave {c} of (4) of [c] of II or wave (1) of [1] of III. How can we decide? Well by looking at the price action following the last rise. If its corrective in nature, we have a new up move on our hands, how ever if it cuts deep in the last rise, the potential up move will be delayed a bit.
I am bullish on Banknifty till we break the lower boundary of our support zone at 9675. I hope we don't have to go anywhere near that level. But its better to be prepared than pared.

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