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Bank Nifty has completed the corrective wave (4) at 31208.
After the climax of wave (4), we have seen an impulse phase with overlapping nature. According to Elliott’s wave theory, 5th wave can become an ending diagonal.
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On the 5th, I’m expecting Throw-Over for this parallel channeling. By utilizing the 2-wave and 4-wave to determine the wave 5th connected parallel channel but herein, I suppose to break the upper band of the channel causing taking a table of U.S. election by the Biden expecting.
In essence, after the completion of the 5th wave, we are going to correct A, B, C. For the correction, The “Control Price” can attract the price.
=> Why did the price make higher & higher technical reasons?
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BANKNIFTY Performance chart:
Have you remember analysis on BANKNIFTY Chart? If Not, –> Click Here to see
I had mentioned that Bank-nifty already started to look for the 4th Wave.
From Support : 32.8% at 23003=23134 & 50% at 22327, The price can travel for the 5th wave which can be above the 3rd wave.
Our First Target has been achieved by BANKNIFTY. Reversal is ready!
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Did You Remember TCS analysis? –> Click here to see
I had mentioned that investors will be more active at that particular time and told to buy and go for long. On TCS nearly 168 point bounce has come cheers everyone.
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I hope members are enjoying, isnt it?
The 80 points profit…
NIFTY50 NSE:
by keeping today’s high as stop-loss that is 11790
Sell nifty 11780-11773
Target 11700
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Bank-nifty already started to look for the 4th Wave.
From Support : 32.8% at 23003=23134 & 50% at 22327, The price can travel for the 5th wave which can be above the 3rd wave.
After the long time, we are updating free report here.
Daily TimeFrame:
Pattern name, Double top
After breaking 28458, we can see next level 27466 which is a retracement of 0.618.
All major supports and resistances are plotted on the chart from 2012 to 2020 with the strong and tight channel.
Here are two channels being seen in a large channel drawing a small channel inside a chart. A small channel having support which is sign for reversal at the support 28147(Resistance can be current support).
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The Bank Nifty always repeating TRIANGLE pattern. We have detected perfect TRIANGLE on bank nifty. Yes, right action on the breakout will full and fill your pocket with money but, still, we have to wait and keep patience for that. By looking at the chart, you will understand the pattern exactly.
Support are in two phases,
We can take Biggest benefit when getting a breakout. Although you can get the profit from the current trend which mentioned by the legs(Waves).