Readers can hit the like button, it does not cost anything but encourage authors to write more. On the larger timeframe there is another pattern sitting near the previous high made by BN, I ll update it in the comments.
Regards
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So the 5th is about to begin with a bang..the gap. Let's see how this one proceeds. All the best for this week.
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yesbank looking strong so far.
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I am outta YesB..its good to packup in strength.
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LT looks weak as of now but 1378 can be a turning point. Its up to us, which direction we like to play. Do some experiments and learn well.
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LT paid quick six points in pocket. Enjoy.
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HindUni can show strength in case of positive move in Nifty. CanBank may show weakness in case index goes lower.
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Read the above comment in relative terms means out-performance and under-performance.
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I am not too optimistic about this BN EWcount now. Potential 4th has gone too deep into the 1st leg so it can be said that morning bang was a the high of a 5th which is truncated short. Leaving besides EW, we are near a critical level of 26213 in BN as we are at 10638 on Nifty. If both indices break these levels then bearishness might rule once again. Thanks for ur support.
one of the basic Elliot wave principle is that Wave 4 may never end in the price territory of wave 1
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@M.suresh.gupta, Yes that's the theory but in practice things may proceed differently. Such intrusions have been seen at many occasions on these smaller time frames.