Science Backed by Data[Bank Nifty Series]: BankNifty new wave ?
Let's Learn and Earn. Elliot wave mostly if identified correctly helps in discovering important psychological levels.
Bank Nifty
Second waveform can start and wave 5 for previous wave form is complete with correction of ABC. Today's last 15 min start of new likely wave of Bank Nifty is beautifully mapped on 15min Chart for your consumption.
Also if it enters the pitchfork channel, ride the trend and look for wave 1. Previous wave 1 length has been 1892 points. This will bring target to 20814+1892 = 22706 forBankNifty Target
Now time for some Learning. 3 Most Important rules of Elliot wave are
• Wave 2 can’t retrace more than the beginning of wave 1
• Wave 3 can not be the shortest wave of the three impulse waves, namely wave 1, 3, and 5
• Wave 4 does not overlap with the price territory of wave 1 (Mostly overlooked).
Even if one of the above rule is invalidated, you should not assume wave's to be correct.
Let me know with a like if you enjoyed reading the Analysis. This will encourage me to work harder.
Bank Nifty
Second waveform can start and wave 5 for previous wave form is complete with correction of ABC. Today's last 15 min start of new likely wave of Bank Nifty is beautifully mapped on 15min Chart for your consumption.Also if it enters the pitchfork channel, ride the trend and look for wave 1. Previous wave 1 length has been 1892 points. This will bring target to 20814+1892 = 22706 for
BankNifty TargetNow time for some Learning. 3 Most Important rules of Elliot wave are
• Wave 2 can’t retrace more than the beginning of wave 1
• Wave 3 can not be the shortest wave of the three impulse waves, namely wave 1, 3, and 5
• Wave 4 does not overlap with the price territory of wave 1 (Mostly overlooked).
Even if one of the above rule is invalidated, you should not assume wave's to be correct.
Let me know with a like if you enjoyed reading the Analysis. This will encourage me to work harder.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.