#banknifty
"Good morning! As of July 31st, there is no significant difference between the last session, but the global market has a neutral sentiment (based on only Dow Jones), and the market nature is bearish. Therefore, it doesn't matter if it opens gap-up or down. If the initial market takes sharp declines, we can expect correction continuation with minor pullbacks.
On the other hand, we can expect a rally only if it opens with a gap-up and sustains above the level of fib 38%. If it sustains, our next targets are 61% and 78%. Here, I mentioned a reversal structure (alternate view). If it rejects sharply around the 61% or 78%, we can expect a correction, but use the confirmation signal of (EMA20 and fib level 38%). If it breaks both signals, we can expect a correction. Otherwise, the rally might continue."
On the other hand, we can expect a rally only if it opens with a gap-up and sustains above the level of fib 38%. If it sustains, our next targets are 61% and 78%. Here, I mentioned a reversal structure (alternate view). If it rejects sharply around the 61% or 78%, we can expect a correction, but use the confirmation signal of (EMA20 and fib level 38%). If it breaks both signals, we can expect a correction. Otherwise, the rally might continue."
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