Bank Nifty showing signs of weakness on short term basis
Banknifty is in second wave of correction since start which is a running triangle in progress with formation (:3:3:3:3:3) which till my previous analysis posted on forum was a b wave of running flat (:3:3:5) formation in second wave.
The complete formation is a three wave correction with first wave plotted only for purpose of understanding, as the chart formation never happened in indian market and is a assumption as the bank nifty chart starts with wave 2 .
Currently market is very weak and will go down further as mentioned by yellow wave lines which are plotted based on my understanding of Elliott wave study ( glenn neely) , harmonic wave pattern retracement rules , Thomas Demark sequential analysis (which I have been using to mark completion of waves ), price volume analysis ( gevi holmes)
Currently we are in complex c wave formation of the second wave . The status of market for a short term is weak and next year is very strong considering the chart formation as per my understanding as of date.
I hope this analysis gives you all a different perspective to your analysis of the bank nifty chart.
The complete formation is a three wave correction with first wave plotted only for purpose of understanding, as the chart formation never happened in indian market and is a assumption as the bank nifty chart starts with wave 2 .
Currently market is very weak and will go down further as mentioned by yellow wave lines which are plotted based on my understanding of Elliott wave study ( glenn neely) , harmonic wave pattern retracement rules , Thomas Demark sequential analysis (which I have been using to mark completion of waves ), price volume analysis ( gevi holmes)
Currently we are in complex c wave formation of the second wave . The status of market for a short term is weak and next year is very strong considering the chart formation as per my understanding as of date.
I hope this analysis gives you all a different perspective to your analysis of the bank nifty chart.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.