Yes Bank: Irregular Flat pattern

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Yes Bank Daily chart


From the above chart, Yes Bank is tumbling aggressively esp after discontinuing the higher high and higher low pattern, thus opening negative possibility. It is now likely that the stock is likely to fall further close to the Fibonacci levels.

As per wave theory, I have marked wave A as a flat and wave B as a complex correction and as a whole A and wave B is an irregular flat pattern. So on the downside wave C has already started which can drag prices lower till 305 levels (100% of wave A to wave B).

The bias is firmly negative for Yes Bank and can test the level of 305 in near term.

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