Correction in Banknifty. Zig Zag, flat, triangle,

Sep 8, 2023

Elliott Wave Analysis:-

A wave seems to be a Zig-Zag A wave.
B wave to be a connecting wave.
C wave to be extended wave of Zig-Zag C wave
If it didn't break 46369, if broken the 46369 then the flat takes place and zig zag leave the place.
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View 1:-

Regular flat

If it did not break B wave and breaks the low of A wave then the flat is regular flat and it may be considered as a C wave of previous zig zag wave..

View 2:-

Triangle pattern

Either the B wave high has crossed or not it the C wave didn't break the low of A wave and it consolidates between A and B wave's.This would lead to Triangle pattern.

I'm not a SEBI registered advisor.
Kindly before taking a trade do your research/ consult your financial advisor.

Sep 8, 2023

Note

It has completed our level of 68.1% correction. It may extend to 79%.
we need to keep watching the wave formation and then if it bed below the previous High then we can go for short with stop loss as Previous-high.
If this is so then the Zig Zag wave will be completed once it cross the previous low.

Sep 12, 2023

Note

It exactly touched 79% and the fall started.
If it fall from here as per [B] Zig Zag[/B] Wave then with [I]46369.5 as stop-loss[/I] sell can be done.

If it break above the high of 46369.5 and it may be a flat correction.
if it is a flat then it may be go upto 47124 - 45513.
If this level crossed above then correction pattern will turn into Impulse Wave.