Testing time for bank nifty.

2024년 9월 8일

from 14 th August 2025 Bank nifty has risen in a digonal fashion until this correction has started.
The internal structure of this diogonal indicates it is a leading diogonal not a ending diogonal.
Leading diogonal appears in wave 1 in motive wave or wave A of corrective wave and it indicates
continuation of trend after retracement. Now bank nifty has retarced 61.8 percent of the up move.Normally wave 2 retraces 61.8 percent of wave 1 and coincidently it has retraced to the
2nd wave position of the diogonal.Technically it suggests a bounce from here.
Adverse global conditions when major markets in the world has corrected aggresively
real question is here can bank nifty bounce from here or correct more.
my present stand looking at the technical set up is positive to neutral.
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2024년 9월 9일

노트

2024년 9월 9일

노트

As expected there is initial bounce but reversal yet to be confirmed.