BANDHAN BANK
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In the weekly chart we can see an ABC from ATH to ATL
This was followed by a diagonal which for now I have plotted as a Leading Impulse. A bearish diagonal would mean that the preceding ABC was a W and the diagonal was X.
The decline after completion of the diagonal is also in the form of an ABC which could complete its path near 150.
Bullish Count would then hold as LD (Wave 1/A) followed by an ABC corrective (Wave 2/B).
However, if the stock makes an ATL then the bearish count will become active with current decline ABC structure being Wave Y.
In either alternatives keep an eye between ATL & 150 for a possible reversal/bounce as the case maybe.
In the weekly chart we can see an ABC from ATH to ATL
This was followed by a diagonal which for now I have plotted as a Leading Impulse. A bearish diagonal would mean that the preceding ABC was a W and the diagonal was X.
The decline after completion of the diagonal is also in the form of an ABC which could complete its path near 150.
Bullish Count would then hold as LD (Wave 1/A) followed by an ABC corrective (Wave 2/B).
However, if the stock makes an ATL then the bearish count will become active with current decline ABC structure being Wave Y.
In either alternatives keep an eye between ATL & 150 for a possible reversal/bounce as the case maybe.
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