#banknifty positional view:-

24 oct 2023

The movement from 38,163 to 46,369 is 7,756 point upmove, followed by a flat correction (zig zag, the reason the wave b pullback was 97.86% of the wave a). If we look at the rules of the flat the wave c must end near 123.6% i.e. 42,887 but we took a buffer of 161.8% to figure out a reversal zone.

Reversal Zone:- 41,829 - 42,887, safe traders can go long once the trend line breakout happens, the market in the analysis.

Use this dip for fresh buying opportunities.

All is well with the market, nothing to fear.

Rules of Regular Flats:-

Guidelines

• A corrective 3 waves move labelled as ABC
• Subdivision of wave A and B is in 3 waves
• Subdivision of wave C is in 5 waves impulse / diagonal
• Subdivision of wave A and B can be in any corrective 3 waves structure including zigzag, flat, double three, triple three
• Wave B terminates near the start of wave A
• Wave C generally terminates slightly beyond the end of wave A
• Wave C needs to have momentum divergence
Fibonacci Ratio Relationship

• Wave B = 90% of wave A
• Wave C = 61.8%, 100%, or 123.6% of wave AB

Regards,
SG

26 oct 2023

Nota

Now the question is, did I catch the fall:- Check my analysis in early Sep on tradingview.