PSU Bank Index

A small change to the PSU bank index where wave 4 extended a little above the April high that I had marked it on. Wave 5 down has started and is now again below the blue neckline at 2970 from here 5=3+1 can project to 2070-1962 based on the idea that wave 5 will be an extended move. I can also mark this move as A-B-C-X-A-B-C Instead of 1-2-3-4-5, Too early to say what is right and will look into it but right now in either case we see more downside for public sector banks as a basket.

psubank 030718

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