Contracting ED got invalidated today. I will check my counts again and update the developments once it is clear
at the moment I still feel there is no change in the count. instead of contracting ED, it could be expanding ED.Because its full of overlapping waves and there are no other possibilities for any other pattern that strikes my mind. there may or may not be 100-300 points left in bank nifty.not sure. But i feel it might come down very soon and overlap with 21299.15. once it overlaps this zone then we can look for reversal signal anywhere around 21171-21299 zone.we will definitely witness the indecisiveness of mass, through this pattern.As long as rsi doesnt break above 82 in 4hrs time frame, i will be adamant to stick with this pattern.Whatever it may be we need to see 5 wave move to the downside to say market has reversed from the final sequence.
Similarly Nifty might have around 50-150 points still left in this swing from cmp 9173.75
There could be confusing movements for the next 10 days or so.So we have enough time to get confirmation.
Note:
Yesterday evening I wanted to post the above comment, I pressed the submit button. Looks like i didnt press it properly.The page was still open. So I am posting it now.Above comment is based on yesterdays closing price.
I will revisit my views if anything goes different than this.
