Indeed this view might play also. If this happens banknifty will be in wave 2 during the time s&p is in wave C-3 or c-5 depending on how it’s drawn.
My reason for interest in this is not to be right or wrong. I have been a member for very long here and off late don’t post as much as my method now is to take swing trades in nasdaq stocks for most days and trade in index when opportunities present themselves
For indices I never keep a stop loss. However I hedge equal amounts when the wave continues and doesn’t terminate where I expect it to. Then take a profit on the next run while waiting for it to return the first trade or joint trade into profit. Some time I couple double hedge if the wave is likely to continue.
There is no right or wrong in technicals, only how you can use it to trade So I don’t force academic level of certainty on myself.
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