Skip to main content

Bank Nifty EOD Jan 23 -Post ED Move!

Bank Nifty corrected in wave iv of minor wave "a" post ED. Wave iv is probably near completion and post completion of wave iv Bank Nifty will move down to complete wave v of minor wave "a".
Wave iv is having flat a-b-c pattern where wave (a) = (b) (approx). Bank Nifty may open Gap up 18920/18950 to complete wave (c) of wave iv. 

Target for wave v/minor wave "a" would be around 18600/18500 where it opened Gap Up on Jan 11.


Comments

Popular posts from this blog

Intraday Index Options Trading by Degree Gann Number System ! E-book available on Amazon - Download FREE!

  For the next 3-days, E-book is available FREE for download! Take advantage of this promotion. Requesting to write a review on amazon. Download link:- https:// amazon.in/dp/B09DHFS5KJ

VIX Analysis

The daily VIX chart shows the formation of Doji candles at the bottom and reversal. The daily RSI crossed the previous resistance level of 40. The MACD signal gave bullish crossover suggesting bullish move in VIX. So the daily chart shows the possibility of VIX moving towards 28 levels in the coming days. The weekly chart shows the formation of wedge and reversal from the bottom. VIX may move towards the upper wedge line @ 29-30. So VIX suggesting the bearish mood of the market and hence the high possibility of fall in Nifty-50 and Banknifty in the coming days/weeks. VIX Gann Box: The daily Gann Box shows a reversal from the mid-zone of time factor points. The next time factor date is Jul-21. So will VIX continue to move high till Jul-21 or it will reverse from angle point? Wait and watch. Using VIX to spot Intraday Reversal on Indices: VIX is a very useful indicator to spot reversal during day trade. If the price of an index moves up and @ resistance zone watch values of VIX. If VIX s...