Nifty pvt bank bullish candidate

Nifty pvt bank cmp 17975

Elliot wave study
Daily time frame

At the moment index is trading at pre covid all time high levels of index,, which are in range of 17950 to 18030.
It strong demand zone and is being respected in past history so the index can be considered at support levels .

Wave 1 :- wave 1 consist of 3494 points and 41.17% move from the bottom,, this is the first impulse wave of impulse phase.
Wave 2 :- Wave 2 have retraced 0.786% of wave 1,as per theory it can retrace from 0.50 to 0.886% of wave 1
wave 3 :- wave 3 consist of 10629 point and 112.% upmove from the bottom of wave 2, it is longest and strongest impulse wave of the whole impulse phase,, point wise comparision of wave 3 with wave 1,, wave 3 have extended 3.14 time of wave 1 which is considered as pie number and is important number in geometry and fibo numbers,, percentage wise wave 3 have extended 2.618 time of wave 1,,as per theory it can extend from 1.618 to 3.618% of wave 1.. so all criteria of wave 3 matches the elliot wave theory.
Wave 4 :- Wave 4 have retraced 0.382% of wave 3, as per theory it can retrace from 0.23 to 0.50% of wave 3
pre assumption of wave 5 :- wave 5 is last impulse wave of impulse phase and it can be euphoric in nature,, it should be smaller than wave 3 and can be equivalent to extended compared to wave 1. Now if we consider wave 5 as equivalent of wave 1 in terms of percentage it gives upmove of 6695 points,, which is almost 2 times of wave 1 which can be considered as extended 5 wave of wave 1 in terms of points and equivalent wave 5 to wave 1 in terms of percentage,, now same calculation if compared with wave 3 it is 0.618% of wave 3 in terms of points.. so most criteria matched for this calculation.

Index is trading around support zone of previous life time high,, if index manage to reverse from this levels and wave 4 matures,, if wave 5 unfolds from current levels it may lead to levels of 22800-23000,, RSI is around support levels of trend line of symmetrical triangle formation indicate strength around this levels..

Good bullish formation as per elliot wave in this index,,,


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