Bank Nifty–Update @ EOD 17.3.2016

Couple of days back we changed our view regarding ‘iv’ th wave and we presumed it was earlier, but in fact the first view that we held was correct. The complexity of ‘iv’ th wave forced us to change our view.

 

So now the following chart labels makes much better sense. ‘iv’ th wave exhibited a lot of complexity and was finally over yesterday at 15178, and ‘v’ th got over today morning at 15705.

 

So it is now safe to assume that 5 waves are over at 15705. And we will now do a retrace of 13407-15705.

 

bn

bn data

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