Banknifty has accomplished the corrective wave (3) and collapsed for the corrective wave (4). The acceleration channel shows the power of an extensive wave (3). Wave 3 is an extensive wave with the Fibonacci extension of 361.8% of wave 1.
It is critical not to overlook these two crucial points when trying to determine the ending point of wave (4):
- Banknifty is holding a significant support level at 38200. Breakout of this level will also break the acceleration channel.
- The common retracement of wave (4) is 38.2% at 37222.25. Moreover, this is the exact level where the previous wave 4 occurred. In most cases, the 4th wave ends near sub-wave 4 of lower degree.
After completion of wave (4), traders can ride for wave (5) for the following targets: 39000 – 39700.
Only premium subscribers will get trade setup with entry, exit, and stop-loss.
Please log in to read the entire text. If you don’t have a login yet, please subscribe now to get access.
Get free important share market ideas on stocks & nifty tips chart setups, analysis for the upcoming session, and more by joining the below link: Stock Tips
Are you looking for NSE paid calls? Want to get premium trading alerts and unlimited access to Moneymunch? Join today and start potentially multiplying your net worth: Premium Stock & Nifty Tips
Premium features: daily updates, full access to the Moneymunch #1 Rank List, Equity Research Reports, Focus List portfolio of 50 longer-term stocks, Premium screens, and much more. You will quickly identify which stocks to buy, which to sell and target today΄s hottest industries.
Have you any questions/feedback about this article? Please leave your queries in the comment box for answers.
Wow… you got very sharp eyes!
Nice work, Thanks for sharing
nice explanation..! thank you.