Here wave 4 went down and overlapped with wave 1. So previously plotted waves got invalidated.but it went up again as expected.I was right on the direction of movement and it made new high today and now it has opened the possibility of ED. and it looks like we are in wave 3 of ED and this leg should not reach 21632. I expect it to face resistance around 21400-45 which is 78% fibo zone.Lets see. If this pattern goes as per my expectation we will be looking 1000 points correction soon and in that there will be a day Banknifty will bleed more. Usually important turning points in market comes with diagonal pattern. Will it be true again? I strongly believe so.
I feel Banknifty topped out for this year. I am pretty convinced.After my ED, beautiful 5 wave move to the downside and now we could expect 3 wave move to the upside pull back and then Banknifty will crack.When I get time I shall post my chart.and if there is a change in my view I might post again. Be Ready for the tough ride. Shorters will be cheering up within a day or two.
