Thursday, May 08, 2014

Banknifty wave structure

Hi friends,
                 Banknifty has been moving in range for quite sometime.
Let me put the daily chart to show the sideways move.
Banknifty wave structure
Now lets see the sideways move closely its been spending time in the range as we reach
towards end of elections and near exit poll and eventually results on 16th.
Let me put the lower time frame chart to see sideways move closely.
Banknifty wave structure
From the chart we can see
abcde move is over
and abc move is on 
now if banknifty trades
below 12977 it would
fall towards 12700
falling in c wave if it doesnot
fall below 12977 and goes 
above 13100 ,I would have
to reconsider this count.

Lets see how banknifty moves tomorrow.


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