Banknifty - Elliott Wave Update

by Dean Market Profile on Friday, August 31, 2012 in Banknifty, Elliott Wave, Indices, Updates

Hourly Chart

Banknifty is approaching the PRA (Possible Reversal Area) between 9900-9675. We are looking good to complete a clear 5 wave structure too. Will this index turn up from this PRA. Well we can use channeling technique on this zigzag correction in wave II, and we get the lower channel boundary in the same PSA. If we bounce off the lower channel boundary, then we may have a potential reversal at hand.

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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Friday, August 31, 2012

Banknifty - Elliott Wave Update

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