Our first target area is a GAP at 5340. We will re-visit once we reach here to see if we need to cover our position or stay short for our next target of 5200 & 4850 respectively. The fall will be fast (14-20 days at most to reach 4850) - mostly by expiry July. Alternatively a possible route would be to take support around 5200 and form a contracting triangle which will cause the next break down (only issue here would be a delay)
BankNifty
Similar to Nifty has completed it's WW - It did over shoot the target as there were no prior WW's as in the case of Nifty and quickly corrected after today's GAP up opening facing resistance at the trendline. It should reverse for a target around 10550 as T1 & 10150 as T2 - if 10500 holds then we may see continuation within this triangle.
As you can see the most recent activity has formed a BAT Gartley pattern indicating reversal now (marked in Pink)
A note on TOPS
The Top can be either rounded in which case we just waste time doing nothing for a long time or could be a sharp top which usually leads to quick reversals. I'm guessing this will be a sharp top. May last max 3 more days.
Also take a look at the WW's earlier on BN we overshoot always a little bit. We also have GAPS on the downside - these will get filled soon around 9700 & 9600.
