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Why #Banknifty maybe headed to new lows

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BANKNIFTY INDEX FUTURES (NSE:BANKNIFTY1!)  
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NSE:BANKNIFTY1!   BANKNIFTY INDEX FUTURES
Chart Patterns Wave Analysis BANKNIFTY indianmarkets indianstocks HDFCBANK sbin AXISBANK ICICIBANK
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chartpattern waveanalysis banknifty indianmarkets indianstocks hdfcbank sbin axisbank icicibank
What we saw today is the last subwave v of the first leg (wave1) of the downward move. This should terminate a few hundred points lower and start a wave 2 correction and then the really rapid acceleration down in wave 3 which will "surprise" everyone.
The story is clear - the trend has turned. We should expect new lows in this index and then it should reconcile with the economic condition on ground.

All Banking stocks are sporting corrective rallies that have ended - there will be no respite whether you are HDFC,ICICI,Axis, SBI, or a Bank of Baroda
Michael @ SolomonsView

Twitter - @SolomonsView

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#BANKNIFTYCRASH - sometimes they work so well
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