In the last post on Banknifty, I talked about 2 scenarios
https://fnocafe.blogspot.com/2020/05/banknifty-analysis-for-week-starting.html
Scenario 1:
Banknifty continuously falls and breaks 18700 in the coming days then it will confirm the start of the down move and we can have targets of 17200 followed by 16200. I am considering this as Low probable scenario.
Scenario 2:
Banknifty holds 19500 levels and moves up as shown by blue lines. I see this as a highly probable case where coming days fall will complete the "d" wave of bigger wave "C" and again up-move will start to complete wave "e" to complete the Ending Diagonal pattern. Wave "e' may or may not go above wave "c"
Banknifty broke 19500 but yet to break 18700. Until it holds 18700, the possibility of one leg of up-move is still holds that can take Banknifty to 20400-20500 level.
https://fnocafe.blogspot.com/2020/05/banknifty-analysis-for-week-starting.html
Scenario 1:
Banknifty continuously falls and breaks 18700 in the coming days then it will confirm the start of the down move and we can have targets of 17200 followed by 16200. I am considering this as Low probable scenario.
Scenario 2:
Banknifty holds 19500 levels and moves up as shown by blue lines. I see this as a highly probable case where coming days fall will complete the "d" wave of bigger wave "C" and again up-move will start to complete wave "e" to complete the Ending Diagonal pattern. Wave "e' may or may not go above wave "c"
Banknifty broke 19500 but yet to break 18700. Until it holds 18700, the possibility of one leg of up-move is still holds that can take Banknifty to 20400-20500 level.
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