#BankNifty analysis on weekly time frame based on #elliottwave
#BankNifty analysis on weekly time frame based on #elliottwave analysis:-
Posting analysis on BN after a long time of tradingview, this analysis will work as the bible for #elliottwave lovers, please do read, share & like & most important enjoy trading.
We will try to decode the whole movement from 16,116 to 41,829:-
• Wave 1 was from 16,116 to 21,967
• Wave 2 was from 21,967 to 17,105
• Wave 3 was from 17,105 to 41,829 ( 423.6% of Wave 1 – Extreme Bull Run)
Counting Inner wave of Wave 3:-
Wave 1 was from 17,105 to 25,232
Wave 2 was from 25,232 to 20,404
Wave 3 was from 20,404 to 37,708 (227.2% of Wave 1 – Again Extreme Bull Run)
Wave 4 was from 37,708 to 30,405
Wave 5 was from 30,405 to 41,829
Wave A was from 41,829 to 34,018
Wave B was from 34,018 to 39,424
Wave C is currently under progress:-
• 39,424 to downsize running
• 100% of Wave A is 31,613
• 162% of Wave A is 26,786
• Wave 4 is currently under progress:-
o 41,829 to downsize running
o 38.2% of Wave 3 is 32,384 (This is a high probability as Wave 3 is more than 200% of Wave 1 )
o 61.8% of Wave 2 is 26,549 (This is a low probability)
• If we combine both outer & inner wave the potential price reversal zone are as follows:-
o PRZ 31,613 – 32,384 (High Probability)
o PRZ Extreme 26,549 – 26,786 (Low Probability)
• Majority of people was expecting the market to reverse from 34,000 area, which doesn’t look to be true looking at the current price setup.
• Low Time Frame Trading:-
o If the price is below 200 DMA 36,697 – PWH – 36,270 continue to sell on the rise.
o Laxman Rekha for next week is 35,175
Always trade what you see, not what you feel.
Regards,
SG.
Posting analysis on BN after a long time of tradingview, this analysis will work as the bible for #elliottwave lovers, please do read, share & like & most important enjoy trading.
We will try to decode the whole movement from 16,116 to 41,829:-
• Wave 1 was from 16,116 to 21,967
• Wave 2 was from 21,967 to 17,105
• Wave 3 was from 17,105 to 41,829 ( 423.6% of Wave 1 – Extreme Bull Run)
Counting Inner wave of Wave 3:-
Wave 1 was from 17,105 to 25,232
Wave 2 was from 25,232 to 20,404
Wave 3 was from 20,404 to 37,708 (227.2% of Wave 1 – Again Extreme Bull Run)
Wave 4 was from 37,708 to 30,405
Wave 5 was from 30,405 to 41,829
Wave A was from 41,829 to 34,018
Wave B was from 34,018 to 39,424
Wave C is currently under progress:-
• 39,424 to downsize running
• 100% of Wave A is 31,613
• 162% of Wave A is 26,786
• Wave 4 is currently under progress:-
o 41,829 to downsize running
o 38.2% of Wave 3 is 32,384 (This is a high probability as Wave 3 is more than 200% of Wave 1 )
o 61.8% of Wave 2 is 26,549 (This is a low probability)
• If we combine both outer & inner wave the potential price reversal zone are as follows:-
o PRZ 31,613 – 32,384 (High Probability)
o PRZ Extreme 26,549 – 26,786 (Low Probability)
• Majority of people was expecting the market to reverse from 34,000 area, which doesn’t look to be true looking at the current price setup.
• Low Time Frame Trading:-
o If the price is below 200 DMA 36,697 – PWH – 36,270 continue to sell on the rise.
o Laxman Rekha for next week is 35,175
Always trade what you see, not what you feel.
Regards,
SG.
