Banknifty Elliot Wave Analysis
Updated
Banknifty formed Parallel channel post march lows.
Currently in Wave 4 and correcting.
Now probably forming Tripple Three Elliot Corrective Wave which is long and shallow correction (0.382 fib level) between 21000 to 23000.
If it reaches 23000 levels and starts reversal then we can definetly say it as Tripple three elliot wave and can plan for wave Z.
Price action suggest to go long ONLY on CLOSE ABOVE 22450 on 30 min chart Stop loss to be used 22200 target 23000-23100-23200.
Disclaimer: Calculated and plotted values may differ with actual stock movement, this analysis can be wrong. This investment/trade may not be suitable for all investors. Do your own study or ask your financial advisors before investing/trading.
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Currently in Wave 4 and correcting.
Now probably forming Tripple Three Elliot Corrective Wave which is long and shallow correction (0.382 fib level) between 21000 to 23000.
If it reaches 23000 levels and starts reversal then we can definetly say it as Tripple three elliot wave and can plan for wave Z.
Price action suggest to go long ONLY on CLOSE ABOVE 22450 on 30 min chart Stop loss to be used 22200 target 23000-23100-23200.
Disclaimer: Calculated and plotted values may differ with actual stock movement, this analysis can be wrong. This investment/trade may not be suitable for all investors. Do your own study or ask your financial advisors before investing/trading.
Please hit like button that will motivate me to do more. You can donate Trading view coins as well. Thanks :)
Trade active
Gap up opening and sustained above 22450 for 30 min then from 22600 gained 300 points. more fire remaining enjoy.Trade closed: target reached
23180 high and reversed from there.
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