Expiry Special Analysis for 16th July'2020.
Updated
#banknifty #trading #stratergy
Most important for bears, SL for shorts 21,935 (Well defined SL).
Wave 4 completed at 21,935 ( 49.82% of Wave 3).
Wave 5 has 3 targets 21,496 (complted)/ 21,225 (completed) / 21,057
Wave 5 is completed or yet to be completed is a question mark.
Will focus on the trend line joining 22,995,22650,21935, pls keep a close watch the trendline.
Double button at 21,255 - 21,230 ( which will act as support).
100% of the price formation is within the rounding top from 26th June.
Will avoid trading in the decision zone 21,639 - 21,736.
I have kept the levels and analysis very simple for a layman to understand.
Trade closed: target reached
Wave 5 completed at 21,057 and bank nifty low and our support channel low was exact match.
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