ruebennase

NIFTY Bank...Flat in Progress or Impulsive up?

NSE:BANKNIFTY   NIFTY BANK
54 0 1
Hello Traders,
as forecastet for Nifty             Bank on Friday, after a Gap up, NB declined to 25557 and reversed thereafter sharply, but failed to make a new high!
So, this behavior let place for interpretation and lead me to the both following opportunitys.
The bearish case that NB is moving since 25953.5 on 2017-11-28 in a corrective pattern, which was completed at the Monday morning with the election sellout. That morning a new impulsive move occur, which lead NB to 25780.5 in a wave (1) and after completing @25780.5 in a wave (2) correction.
Either wave (2) was done at 25232.80 with a ZigZag ( W-X-Y             ) and a fresh new impulse has started in a wave (3) or the second opportunity is that wave (2) is tracing out a flat pattern, with Fridays high as the top of wabe B and some hours of declining prices are still at forefront.
A target for the corrective flat-pattern in a wave C is at 25063-25047, where to Fibo`s are still placed; one FibExtension (1.38) and Fibretracement (0.618)! This is an able and strong support level .
Again, the odds are not realy clear to my view and some other pattern can still develop!
Have a great week
ruebennase

Questions and Comments are welcome!   
Note!---> This analysis can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!   
Data by NSEIndia.com and moneycontrol.com! 
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