Bank Nifty EOD Update Feb 9 - Post Ending Diagonal Move

Bank Nifty corrected sharply today to 20000 post Ending Diagonal termination of up move.

Hourly chart shows, post termination of up trend in Ending Diagonal, Bank Nifty fell sharply to 20000 from where ED started. Bank Nifty is now in correction and post completion of correction it will fall down sharply to 19500 from where last up move started on Budget day. The likely moves are shown by arrows. expect Bank Nifty to move in similar fashion.

Inside Pitchfork:

IP is showing reversal and Bank Nifty came back below upper 0.5 SD line.

The median line is around 19400. So immediate downside target is around 19500/19400. 

So Buying weekly Put option of 19700/19500 (Feb 16) would give very good returns tomorrow. 

Solar Cycle:
I mentioned about new minor Solar Cycle start on Feb 4 and how it would affect markets. It seems that Up trend is reversing and a Top is in place near 20400 level. Also 20400 is strong resistance and very important 3 digit Gann No.

Yesterday I wrote "Post RBI decision on rate cut, Bank Nifty corrected to 20070 and bounced back . It is not surprising that even after bad news of no rate cut, it bounced back from low and closed at 20245. But now it is at crucial juncture of 20400. So it is now case of a make or a break for Bank Nifty!"

https://optiontradingcafe.blogspot.in/2017/02/post-rbi-decision-on-rate-cut-bank.html

Also read about solar cycles here:
https://optiontradingcafe.blogspot.in/2017/02/bank-nifty-for-week-starting-feb-6-2017.html