Monday, September 03, 2012

Banknifty - Elliott Wave Update

Hourly Chart
Banknifty is falling impulsively, in wave [c] of II?. This is our preferred count so far. The wave (4) is taking a shape of a triangular correction. It alternates well with a zigzag in wave (2) of [c] previously. Once these waves (4) and (5) are done, we might resume the up trend. I am looking for support in the 9900-9675 zone.

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