Reiracement or reversal?
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Chart captures the movemnt of Bank nifty from march 22.
starts its impulse wave with strong footing with a diogonal.
Diogonal usually appear in the 1 st wave and when it is in 1 st wave
it is leding diogonal and its start indicate new impulse wave.
and when it appears in 5 th wave it is ending diogonal and it denotes
end of the ungoing trend.
This diogonal subsequently followed by a retracement not more than .382 percent.
then uptrends continues.Here 2 nd wave is 38.6 percent of 1st wave.
Then upmoves starts from march23 to july 23.which I have shown as wave 1.
then it is undergoing correction for wave 2.
Looking at the origin of this up move it is hard to believe that
there will be collapse in nifty and bank nifty.
With in wave 1 which is diogonal there is overlapping of wave 2 and wave 4.
wave 3 is not the shortest.wave 3 is of five wave,wave 5 is of 5 wave.
wave 1 in lower time frame appears to be 5 wave.
wave 2 and wave 4 are three waves.
starts its impulse wave with strong footing with a diogonal.
Diogonal usually appear in the 1 st wave and when it is in 1 st wave
it is leding diogonal and its start indicate new impulse wave.
and when it appears in 5 th wave it is ending diogonal and it denotes
end of the ungoing trend.
This diogonal subsequently followed by a retracement not more than .382 percent.
then uptrends continues.Here 2 nd wave is 38.6 percent of 1st wave.
Then upmoves starts from march23 to july 23.which I have shown as wave 1.
then it is undergoing correction for wave 2.
Looking at the origin of this up move it is hard to believe that
there will be collapse in nifty and bank nifty.
With in wave 1 which is diogonal there is overlapping of wave 2 and wave 4.
wave 3 is not the shortest.wave 3 is of five wave,wave 5 is of 5 wave.
wave 1 in lower time frame appears to be 5 wave.
wave 2 and wave 4 are three waves.
Nota
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