PSU Bank index

Several People want to know my view on PSU banks. The bank index just completed wave Y I think after a lot of extentions into wave 5 of (c) of Y. Now long term bear markets can go onto wave Z and so that is where judgement is needed. Knowing the story I think that till we are done with the recapitalization process we should be open to volatility and wave Z lower. So right now I will only anticipate a wave X. Back to the wave 4 high or back to the neckline that was broken last year needs to be seen. Both options are open. We do not know if the X wave will be a large zig-zag or a triangle that will go sideways.