BANK NIFTY: WXYXZ Triple correction nearing end.
As labelled letters in red represents highest degree and that in white represents one degree lower then that discribed in red.
So far we have seen bank nifty rising in corrective manner as per Neo wave rules since covid low's in the form of WXYXZ triple correction.we have already seen wave W,X,Y,X and it seems like wave Z might be completing soon if we break 35000 on weekly closing basis with in next couple of weeks(ie by 13-12-2021).
Notice the angle of advancing trend in each corrective rise,typically momentum fall's significantly in wave Z and over here we can see this thing happening.
This would mean that we might see impulsive fall unfolding on the down side which can retrace entire rise from covid low's by atleast 50% which is coming @ 28970.
Personally i feel that we might have already ended wave Z at 41800,as sub-wave B(in white) of wave Z has taken more time then wave A(in white)meaning we can rule out the possibility of correction being a triangle or daimetric pattern.Also 0-B trendline of wave Z has been already breached,hence 35000 from here remains crucial level for getting final confirmation of WXYXZ completion.
For entry an exit i am attaching separate chart on daily time frame.
So far we have seen bank nifty rising in corrective manner as per Neo wave rules since covid low's in the form of WXYXZ triple correction.we have already seen wave W,X,Y,X and it seems like wave Z might be completing soon if we break 35000 on weekly closing basis with in next couple of weeks(ie by 13-12-2021).
Notice the angle of advancing trend in each corrective rise,typically momentum fall's significantly in wave Z and over here we can see this thing happening.
This would mean that we might see impulsive fall unfolding on the down side which can retrace entire rise from covid low's by atleast 50% which is coming @ 28970.
Personally i feel that we might have already ended wave Z at 41800,as sub-wave B(in white) of wave Z has taken more time then wave A(in white)meaning we can rule out the possibility of correction being a triangle or daimetric pattern.Also 0-B trendline of wave Z has been already breached,hence 35000 from here remains crucial level for getting final confirmation of WXYXZ completion.
For entry an exit i am attaching separate chart on daily time frame.
Comment:
Continuing further,looking at the internal structure of wave 4 it seems like wave 4 has taken a form of bow-tie diametric pattern of which 5 leg's are done currently 6th leg is going on,which can end in the box shown,and from there we can see a final push on the upside which would complete 7th leg to complete wave 4.That would be the ideal place to go short(37000-37200)
Continuing further,looking at the internal structure of wave 4 it seems like wave 4 has taken a form of bow-tie diametric pattern of which 5 leg's are done currently 6th leg is going on,which can end in the box shown,and from there we can see a final push on the upside which would complete 7th leg to complete wave 4.That would be the ideal place to go short(37000-37200)
Continuing from end of wave Z@41800 as per my view,we are seeing impulsive fall on daily chart where we have completed wave 3 at 35328 low on 29-11-2021(almost at 161% extention of wave 1) and currently wave 4 is going on.Trading wave 4 rise is very difficult so one should avoid going long on wave 4 bounce,rather should wait for it's completion and go short for wave 5 decline.