InsiderB
Short

BankNifty - Beauty of Market Dynamics !

NSE:BANKNIFTY   NIFTY BANK
We need to rush through this description bcos there are potential chances arising already. There are 3 components we have used to examine the dynamics of BankNifty , (i) Elliot waves - Simpler the Better (ii) Trendline (iii) Patterns
There is no need for you guys to know each n every component for analysis. Just any one of above 3 component is perfectly fine to do analysis on above chart. Asking how ?! Here it is...

Elliot waves - what does it imply ? A simple 5 wave count shown in above chart, wave (v) is moving down so on the trendline (violet) breakout we can initiate shorts with proper stops.

Trendlines - Now Elliott is not needed here,Just Break of trendline is enough - You got trade opportunity but can use Elliott or other techniques for confirmation ( adding confidence ) but only thing it shudn't turn out as false breakout

Patterns - What do they say ?! They plot out most of market dynamics even what to expect next. So we have potential ABCD pattern & Gartley pattern . So if wave (v) completes at 19000 then we can have bullish chances in BankNifty .

Discussing whether patterns upside move from 19k's is bcos of elliott corrective abc's or bcos of pattern completion is No use. Its like discussing whether Hen or Egg came first ! Discussions on those won't help our trading, only trading chances help our trading, so use which ever you like - Elliott , Trendlines ,Patterns ! Simpler the Better...

So as promised, BankNifty post is delivered usually people tend to be more interactive with Nifty so thats why I posted for Nifty only. Bcos the lack of interaction, discussion of ideas makes an idea dry, Pour in your thoughts to make it feel fresh & interactive which will keep me encouraged to post on BankNifty .
Comment: So Guys, H
Comment: I Just don't understand what happened, I pressed space bar & comment updated * FacePalm*

Are you Guys Happy ? Book profits & Trail the stops from Now !
Comment: 0.85 Points for 19k *Face-Palm* :D

Comments

Superb analysis!! I have one small doubt that it may not go down to 1.618 retracement. Because if it goes than the 3rd wave will not be the longest( impulsive) wave. May be we can look for alternate retracement levels.
+2 Reply
InsiderB nirav5
Thanks Nirav ! Actually, I didn't measure fib retracements those are free-hand drawn counts. Yes, I agree with you bcos wave 5 can't get longer than wave 3, even if 5 ends earlier, I'm looking for irregular flats correction (abc).

Just an additional point (not to counter your view ) - there are people who use Wave 5 as longer or Wave 1 as lengthier instead of universally accepted wave 3 rule.
+1 Reply
ShanTrader InsiderB
Thanks once again InsiderB. Its a very good perspective using various methods. Re Nirav's post, would like to say that the rule is wave 3 cannot be the shortest wave and hence wave 5 can actually extend lower and the moves will still be valid. Rest it is upto the markets which never fail to frustate us :-)
+1 Reply
InsiderB ShanTrader
Thanks Shan :) You nailed it with your last point, Markets never fails to frustrate Us...
Reply
ShanTrader InsiderB
Great work Insider B. Good positive week with BNF and NIFTY. Thank you very much for sharing your views
Reply
nirav5 InsiderB
Looks like. 19000 coming.. Amazing!! When I dont have a word.. I just say it's like AB Devilliers ..
+1 Reply
InsiderB nirav5
Ha ha Thanks buddy ! We are ending the week in Green, Time to say - Party On !
Reply
vvvv great anallysis i like vvv much ur analysis pls post always
+1 Reply
InsiderB VimalVashisth
Thanks Vimal, Sure I'm around here will post daily & as long as you guys support ;)
Reply
Take a Bow !!
+1 Reply
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