The level 31000 seems almost the bottom at present, but wave (IV) is not yet completed. The up move started at today’s fag end may continue upto around 31500-31600 and then will come all the way down towards 31000 but stopping just above it, touching the trend line, to complete the wave (IV). Still BANKNIFTY cannot be predicted that much easily. Might be going higher and higher to complete wave (V). Always do your own analysis abs take trades on price action.
Comment
⋅
At the present situation I expect that price will reverse from 31700 level and go down. If goes and sustains above 31700 today (13-12-19), it may assume that wave (IV) already completed at 31000 and wave (V) in progress.
Hi Ravi,
How to draw this wave ?
If possible can you share some inputs.
Ravi_VP
⋅
@ravispm, it is a wast subject. Generally difficult of all TA. Study books on Elliot wave theory, some of them freely downloadable, and watch seminars and tutorials on Elliot waves on YouTube. I self learnt like this.
How to draw this wave ?
If possible can you share some inputs.