Is Bank Nifty forming complex correction (Wedge/Triangle) Pattern?

The Bank Nifty opened small gap down and fall further to Support level of 18300. Yesterday I mentioned that b wave might have completed at 18366. But today's move showing possibility of different pattern.

Minor wave "a" of b is completed at 18492. It looks like minor wave "b" of b is completed toady at 18491 near strong resistance level of 18490 and came down in minor wave "c". Minor "c" wave may get complete tomorrow morning (probably with gap down) around 18300 level. And then we may see wave c of complex correction on upside. Target for wave c is 18950/19150.

OR

Wave b is completed at 18334, and wave c is already started. I see less possibility of this as index reversed from 18490 and closed below it. When price close below resistance or support chances of gap down is high and vice versa.

If wave c is not started then there may be very good trading opportunity on upside tomorrow.

NB: It will be interesting to see how market reacts to Fed rate decision, taking into account that everyone thinks that it is already priced in.

Comments

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