Bank Nifty @ EOD 22.7.2015

From 17174 to 19229, it seems BN completed an leading diagonal pattern in  5.i wave.

 

From 19229 to 18613, BN is in 5.ii wave and seems to have completed an ‘abc’ and currently looks like forming a ‘x’ wave. This ‘x’ wave can go beyond 19229 to confuse the traders and misread it as iiird wave.

 

The target for 5.ii however remains 18200 or lower which are possible to see only in August series now, I guess.

 

It would be prudent to short at higher levels hedged fully by buying calls of August series. iiird wave is in contention and may open up on any news any day.

 

bn1

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