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Bank Nifty EOD Dec 16

On Dec 16, Bank Nifty opened small Gap Up and immediately came down. My understanding that wave c of possible correction will move up was not correct. Rather now there seems to be more clarity on pattern. What I assumed, completion of ED was not right. I was also surprised by not seeing expected move expected post completion of ED. The continuous fall and immediate recovery normally personality of waves in triangles and I thought of formation of ED on bigger time frame and what I thought of completion of ED is a part of ED. It seems to be likely possibility now.

The ED probably started from 19130, where 4th wave of wave coming from 20300 is completed. The wave 1 is completed at RBI low at 17953. Wave 2 is completed at 18532. Wave 3 is in progress.

I mention in the weekly post on Dec 12 "13 weeks from Sep 22, is week starting Dec 19 that also contains Dec 21 i.e. Solstice date. Hence I consider this week as very important for markets and also for Bank Nifty." Will this week give us a New Low in the form of wave 3 of ED near Dec 21? Watch out.


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