Banknifty wave (4) comes at 9115 - 8813 band !

by Dean Market Profile on Monday, January 30, 2012 in Banknifty, Elliott Wave, Indices

Banknifty also seems to have completed the wave [3] and is undergoing a correction in wave [4]. The preceding wave (4) range comes at 9115 - 8813, so once we break the 9456 level we are sure to test this band. Also an important thing to mark here as well as on Nifty is that MACD is not showing divergence, and made a new high consistent with the wave [3] development. So once complete this correction and turn back up again, we might form a good negative divergence on waves [3] and [5], to complete wave I.

About Dean Market Profile
Dean is a fulltime trader for last 13 years. He is passionate about technical analysis. His instruments of choice are Nifty and banknifty futures and options. His main analysis and trading tools include advanced techniques like Market Profile, Voilume Spread Analysis and Order FLow Analysis. Dean is a teacher at heart and loves sharing his learnings with committed traders. You can check out his courses here...

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ashok mahajan30 January 2012 at 20:04
good information sir jee
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Monday, January 30, 2012

Banknifty wave (4) comes at 9115 - 8813 band !

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