16 Sep 2020 ● 11:33 AM
Sometimes you may see spelling errors in typing, the current content editor does not have a spell check but we should resolve that soon. I do not always spend time in proof reading so give me a some time to get that done.
Position Sizing model - Long % = percentage of indicators bullish v/s Short % = number of indicators bearish, Including both daily and weekly time frames.
Wave 5 up is on. Minor wave iii started and it can go to 11770 based on wave iii being equal to wave i. The 20dma support is at 11452, on closing basis. Previous high is at 11794 above which we head to 12000. We surpassed the 61.8% retracement mark at 11560 lowering the odds that wave 4 is still forming.
11516 at the lower channel and 11574 at the trendline of the two highs are support. The top end of the channel is at 11750 and we are heading there.
Third day at 77 is unusual, but does not change anything.
Bank nifty was a notch higher. Nothing great but holding the recent low wave 2 is complete as a running flat and wave 3 is attempting to start. Either that or this is just wave 1 of 3 so do not get ecstatic about it. First thing we have to get above the 22989, 20dma resistance.