An interesting pattern has developed in Bank Of India daily chart. This is one of my most dependable pattern. As we can see the pole from 172 to 241 which approx 70 points. Breakout has already occurred at 226 on 26th Dec.
As we can see in the daily chart,If we label 6342 (3 Nov 2013) to 5972 ( 22 Nov 2013) as wave A, gradually wave has to be labeled at 6415 (9 Dec 2013). The C wave has been confirmed when Nifty breached the 38.2% of wave B. Here Nifty have formed ‘ Flat ‘ where B wave is larger than A wave but fails to exceed above 123.6% of wave A