This is an extention of WXY elliot wave pattern.This pattern has seven leg's just like WXY double corrective pattern.Here we see contraction in first 3 leg's high's and low's followed by smaller wave d bith in terms of price and time followed by expansion in last 3 legs.
Each leg is internally divided in 3 sub wave giving entire pattern internal structure of 3-3-3-3-3-3-3.
Guide-lines for target of each leg
wave a = wave g(generally 61.8%)
wave b = wave f(generally 80-100%)
wave c = wave e(generally 80-100%)
It seems like we are making Bow-Tie diametric pattern on bank nifty hourly chart of which leg a,b,c,d,e is done and leg f is going on and approaching it's price target(around 36650-660) from there we can expect leg g taking prices between 37730-38400(61.8%-100%)projection of leg a price move from leg f low's.
Trade set-up
If we get momentum divergence and bullish reversal candle followed by price taking out it's high along with Ichimoku cloud support on 15 min chart around 33650 levels(leg f tgt zone) then one can look to go long with a stop loss of leg f's low.
Trade should only be taken if trade setup criteria's are observed.Size your trade by following risk management rule of not lossing 1% of your capital on any trade
Each leg is internally divided in 3 sub wave giving entire pattern internal structure of 3-3-3-3-3-3-3.
Guide-lines for target of each leg
wave a = wave g(generally 61.8%)
wave b = wave f(generally 80-100%)
wave c = wave e(generally 80-100%)
It seems like we are making Bow-Tie diametric pattern on bank nifty hourly chart of which leg a,b,c,d,e is done and leg f is going on and approaching it's price target(around 36650-660) from there we can expect leg g taking prices between 37730-38400(61.8%-100%)projection of leg a price move from leg f low's.
Trade set-up
If we get momentum divergence and bullish reversal candle followed by price taking out it's high along with Ichimoku cloud support on 15 min chart around 33650 levels(leg f tgt zone) then one can look to go long with a stop loss of leg f's low.
Trade should only be taken if trade setup criteria's are observed.Size your trade by following risk management rule of not lossing 1% of your capital on any trade