Wave Pattern Traders Team
Wave Pattern Traders
We are currently tracking a possible impulse wave from the all-time high at 11855, a new low is still needed to end a 5th wave of a suspected impulse wave as shown. Whilst the Banknifty has moved to a new low, we want to see the Nifty confirm that new low on the Banknifty, that would offer a bearish reversal clue.
If we do see a 5th wave to end the current impulse wave idea from the April 2018 high, then a bounce thereafter in 3 waves can be sold against 11855 stops. Based on the wave pattern from the lows made in 2016, the decline from 11855 could be a very important reversal signal, although we are taking it one step at a time.
Short term there are a few ideas we could suggest for wave [iv] such as a flat or triangle, so unless a big move above 11564, then allow for a new low as shown for wave [v]. It's then it can set up for a partial retracement in 3 waves.
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