Bank nifty harmonic + elliot wave study
Updated
BANK NIFTY SPOT 39700
Harmonic + Elliot + Chart pattern
Time frame : Daily
Bearish butterfly pattern formation on daily time frame with PRZ in range 39800-40000 levels
In last leg of butterfly pattern that is in leg CD there is elliot wave fromation
Elliot wave :- sub wave 5 of major wave (3) is on verge to mature, if major wave (4) unfolds retracement of 23.6 to 38.2% can be seen of last swing, which can lead to levels of 38700 or 38000.
Major wave 2 have retraced around 78.6% of wave 1,
Major wave 3 have extended around 2.618% of wave 1,
Rsi divergence on hourly time frame observed in between recent swing high.
Chart Pattern :- Pole and flag pattern formation is observed with height of pole around 17% after consolidated in form of flag for 32-35 sessions and finally gave a breakout,, index have completed its measured move of its pole height i.e. 17%
Reversal confirmation once today gap is filled and index manage to give close below last weekly closing levels.
Harmonic + Elliot + Chart pattern
Time frame : Daily
Bearish butterfly pattern formation on daily time frame with PRZ in range 39800-40000 levels
In last leg of butterfly pattern that is in leg CD there is elliot wave fromation
Elliot wave :- sub wave 5 of major wave (3) is on verge to mature, if major wave (4) unfolds retracement of 23.6 to 38.2% can be seen of last swing, which can lead to levels of 38700 or 38000.
Major wave 2 have retraced around 78.6% of wave 1,
Major wave 3 have extended around 2.618% of wave 1,
Rsi divergence on hourly time frame observed in between recent swing high.
Chart Pattern :- Pole and flag pattern formation is observed with height of pole around 17% after consolidated in form of flag for 32-35 sessions and finally gave a breakout,, index have completed its measured move of its pole height i.e. 17%
Reversal confirmation once today gap is filled and index manage to give close below last weekly closing levels.
Trade active
Banknifty spot madehigh around 40000 levelsentered prz zone and reversed to 39400 levels
resistance levels of 39900 given as per harmonic study
500 point fall covered
now if bank nifty spot sustains below 39340 for 30 mins
more fall of 800 points on the way
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