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Bank Nifty

On Thursday I published the hourly chart of bank nifty marking wave 5 as i-ii-i-ii which was not complete, but wave 5 did become very extended in that after a 5 wave decline the larger degree marking is ideally 1-2-3 done, and wave 4 up next. The hourly RSI at 15 we should see a short term bounce back to either 38.2% in wave 4 typically to 26000 but as wave 2 was also 38.2% do not rule out an alternation case where wave 4 is 61.8% at 26500, wave 5 down follows then after that. 

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Rohit Srivastava: ' Indiacharts® is a live update of my market analysis for public reading. My views are based on my understanding of the markets after years of such analysis, since 1991. MORE ABOUT ME 


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