Bank Nifty–Update at EOD 14.3.2016

Till last week, I was assuming the move from 15451 onwards as ‘iv’th wave. But the amount of time this has taken, I am changing my view. ‘iv’th wave is now marked completed at 15005 and ‘v’th completed at 15451.

 

5 waves are therefore completed from 13407 to 15451. This is either ‘A’ wave or ‘1’ wave, but we will come to decide that later once the whole picture becomes more clear.

 

Currently therefore we are in a corrective ‘abc’ pattern, for which ‘a’ completed at 14989, ‘b’ completed today at 15416, and ‘c’ has begun for 14900 – 14400 range.

 

Again, this corrective ‘abc’ is valid as long as price remains below today’s high of 15416.

 

bn

bndata

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