Bank Nifty - Next 2/3 days - current week - 15 Mins TF
Considering we have uncertain times and the chart's formation is also not providing clear direction of where the market seems to probably trend, we will go step by step and try to decode what market is forming on 15 Mins TF this week.
As of end of market today, we have the following chart formation available. As per Elliott principle, we have 12345 completed from major swing low on 15 Mins TF and now we are in correction mode.
Either of these possibilities exist:
1. We may be in ABC-ABC-ABC formation as per blue path line. 1 leg done, 2 remaining
2. We may have completed the ABC formation and now market needs to give good impulse from tomorrow for 12345 formation as denoted by green path line
We still can't go for proper bearish formation as the major swing lows/demand zones are not yet broken on 15 Mins TF itself.
Let's see how the market behaves tomorrow and accordingly we will revisit our views tomorrow.
As of end of market today, we have the following chart formation available. As per Elliott principle, we have 12345 completed from major swing low on 15 Mins TF and now we are in correction mode.
Either of these possibilities exist:
1. We may be in ABC-ABC-ABC formation as per blue path line. 1 leg done, 2 remaining
2. We may have completed the ABC formation and now market needs to give good impulse from tomorrow for 12345 formation as denoted by green path line
We still can't go for proper bearish formation as the major swing lows/demand zones are not yet broken on 15 Mins TF itself.
Let's see how the market behaves tomorrow and accordingly we will revisit our views tomorrow.
Trade active:
So it seems, we are following the blue liner path of abc correction pattern as of now. Market is aligning to the analysis we have done. Let's see if market falls down tomorrow to complete either the "a" wave of outer "C" wave or it can be all together completion of correction wave abc pattern and then a new fresh impulse upwards may start? Let's wait and watch tomorrow.