Banknifty opened gap up and again reversed from Banknifty major Gann No 19700 and gave excellent move towards another major Gann No 19000, making low of 18900.90 and closed @ 18950, below Gann No 19000. It also broke the previous pivot low made on May 6 @ 18941.
From low of Mar 23, Banknifty moved in A-B-C corrective wave, making top @ 21967. In this A-B-C correction wave "C' formed the "Ending Diagonal"(ED) pattern which is a 5-wave corrective pattern where all 5-waves internally make a-b-c pattern.
The ED of wave C took 16 trading days to complete. it started on Apr-3(@17143.20) and completed on Apr-30(@ 21967). As per basic rules, a complete retracement of ED should take a half time it made to complete. So we should see 17200 levels in 8-9 trading sessions from the top of Apr-30. So, May-13 or May-14 should achieve 17200 levels.
The down wave started after completion of A-B-C correction @ 21967 and wave 1 is completed @ 18941. It seems wave 2 completed @ 199969.9. If we project wave 3 from wave 2 we get 100% projection @ 16943, 123.6% @ 16229 and 138.2% @ 15787.
ED target is @ 17143 and Min 100% projection for wave 3 is @ 16943. So we can expect target range 17200-16950.
From low of Mar 23, Banknifty moved in A-B-C corrective wave, making top @ 21967. In this A-B-C correction wave "C' formed the "Ending Diagonal"(ED) pattern which is a 5-wave corrective pattern where all 5-waves internally make a-b-c pattern.
The ED of wave C took 16 trading days to complete. it started on Apr-3(@17143.20) and completed on Apr-30(@ 21967). As per basic rules, a complete retracement of ED should take a half time it made to complete. So we should see 17200 levels in 8-9 trading sessions from the top of Apr-30. So, May-13 or May-14 should achieve 17200 levels.
The down wave started after completion of A-B-C correction @ 21967 and wave 1 is completed @ 18941. It seems wave 2 completed @ 199969.9. If we project wave 3 from wave 2 we get 100% projection @ 16943, 123.6% @ 16229 and 138.2% @ 15787.
ED target is @ 17143 and Min 100% projection for wave 3 is @ 16943. So we can expect target range 17200-16950.
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