Bank nifty elliot wave analysis for Dec 2021 expiry
🔹️ We are at the end of 4th/at the beginning of 5th wave of 5th wave.
🔹️ As per time wise correction, Wave 3rd of 5th took almost 17 candles on 1 hr timeframe whereas 4th wave which may/may not completed took 22 candles till now so it is "expected" that we have completed the correction and ready for 5th of 5th wave.
🔹️ As per price wise, we have retested 200 EMA on daily timeframe on 23rd Dec 2021 but failed to closed above it signifying it as resistance zone (34400 to 34500)
🔹️ Projection of 5th of 5th wave is coming around 33516 (0.618) to 32988 (0.786)
🔹️ Apart from elliot wave prospective, there are few numbers which Gann studies gives importance to. Some of them are 0.25, 0.3125, 0.375, 0.5, 0.625, 0.75, 0.8125, 1 and multiples of this number. It is unreasonably proven that whenever market fall from its recent highs, it finds supports at/near this number percentages and coincidently, 20% (which is 20 times gann number 1) from recent top is coming at 33465 which perfectly lies in the zone of 5th wave projection. So that might be the strong support/reversal point for bank nifty.
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Forecasting don't have the fixed path on which we can travel, it's about the finding highest probability where multiples studies providing same/nearby results.
🔹️ We are at the end of 4th/at the beginning of 5th wave of 5th wave.
🔹️ As per time wise correction, Wave 3rd of 5th took almost 17 candles on 1 hr timeframe whereas 4th wave which may/may not completed took 22 candles till now so it is "expected" that we have completed the correction and ready for 5th of 5th wave.
🔹️ As per price wise, we have retested 200 EMA on daily timeframe on 23rd Dec 2021 but failed to closed above it signifying it as resistance zone (34400 to 34500)
🔹️ Projection of 5th of 5th wave is coming around 33516 (0.618) to 32988 (0.786)
🔹️ Apart from elliot wave prospective, there are few numbers which Gann studies gives importance to. Some of them are 0.25, 0.3125, 0.375, 0.5, 0.625, 0.75, 0.8125, 1 and multiples of this number. It is unreasonably proven that whenever market fall from its recent highs, it finds supports at/near this number percentages and coincidently, 20% (which is 20 times gann number 1) from recent top is coming at 33465 which perfectly lies in the zone of 5th wave projection. So that might be the strong support/reversal point for bank nifty.
.
.
.
Forecasting don't have the fixed path on which we can travel, it's about the finding highest probability where multiples studies providing same/nearby results.
