Bank nifty started up move after breaking 22440 to 23000-23200 as mentioned in previous article.
Now wave 3 could be over expecting long and shallow 4th wave correction till 0.38 fib level which will be tough to trade.
Current assumption is wave 3 of recent rally completed near 23682 which 1.68 fib levels where wave 3 usually end.
Short all rise near resistance zones 23605-11 to 23700 Stop Loss 24100 target 23000 then 22825(0.38 fib level).
Disclaimer: Calculated and plotted values may differ with actual stock movement, this analysis can be wrong. This investment/trade may not be suitable for all investors. Do your own study or ask your financial advisors before investing/trading.
Now wave 3 could be over expecting long and shallow 4th wave correction till 0.38 fib level which will be tough to trade.
Current assumption is wave 3 of recent rally completed near 23682 which 1.68 fib levels where wave 3 usually end.
Short all rise near resistance zones 23605-11 to 23700 Stop Loss 24100 target 23000 then 22825(0.38 fib level).
Disclaimer: Calculated and plotted values may differ with actual stock movement, this analysis can be wrong. This investment/trade may not be suitable for all investors. Do your own study or ask your financial advisors before investing/trading.
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Opened Gap and bullish candle formed negating assumption bulls still active
