On 16th Jan I have posted an idea of BN in which possibility of decline were mentioned. that decline is already started and now we are in 4th wave of that wave c decline. 5th wave of wave c is still pending on down side which is explained in this video in hindi language.
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Bank nifty 2 hour chart suggesting abc- X - abc pattern where abc and X is completed and in second abc decline a and b seems completed and wave c is in progress. stop loss OR upside break even point is given in chart.
Banknifty currently forming converging triangle
we can short Banknifty with stoploss above the upper trend line
we can expect a target of 41600 or the bottom trend line
This analysis is just for Educational purposes
Our team is not responsible for any kind of Profits or Losses made
NIFTY currently travelling in the 4th wave of the " C " Wave
expecting nifty in buy side till around 17475
from there expecting a huge fall again breaking the previous low
This analysis is just for Educational purposes
Our team is not responsible for any kind of Profits or Losses made
As per wave structure, currently we are forming pattern as a W-X-Y, in which we have already completed W and we have also completed 1st sub-division of X as a wave W of X and possibly now we are going to unfold X of wave X (X inside X).
As per Fibonacci retracements it can retrace 0.382% to 0.50% as per healthy retracement which are measurement of wave (w) of X,...
Bank Nifty has completed the wave 3 and expecting it to be bullish on monday as the wave 4 began.... expecting a reversal around 33500 region...
exact reversal point will be identified as the wave continues...
this analysis is just for educational purposes
our team is not responsible for any profits and losses
Banknifty has finished the 5 wave motive structure
now it's time for corrective wave
corrective wave has started
hence expecting a bearing movement tomorrow
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2nd wave of the 5th wave have ended, 3rd wave of the 5th wave has started.
bank nifty also consolidated today and formed a bullish flag patter and it gave a good breakout
it have also formed the AB=CD Harmonic pattern
so expecting a gap up opening of minimum 200 points tomorrow
after the completion of 3rd wave expecting a quick fall as a retracement
above...
38317-38670 is an immediate resistance range for Bank Nifty. If it will not breaks above this resistance range then fall towards 36757-35954 is possible.
Bank Nifty has completed the corrective wave (4) at 31208.
After the climax of wave (4), we have seen an impulse phase with overlapping nature. According to Elliott's wave theory, 5th wave can become an ending diagonal.
I will update the intraday chart of the bank nifty soon.
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In this 30min chart 37674-37627 is first support range. If BN will not bounce from this range and trades below 37627 then 37452-37346 is next support range. Overall BN may bounce from first OR second support range as mentioned. BN is negative only if trades below 37346 which is 61% retracement of recent impulse(36876-38107).
In this video I have discussed important support range for Nifty and Bank nifty in 15min chart for monday.
for better understanding kindly watch video. Thank You
If wave iv is completed at 35661 then projection of wave v is coming at 36195-36526.
And in case Bank Nifty decline from here then
35702-35525 is support range.
Bank Nifty is negative only if trades below 35525.
In this video i have discussed detailed elliott wave analysis of Nifty & Bank Nifty from higher to lower time frame for better understanding.
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Nifty & Bank Nifty Elliott wave update 4Aug
In this video i have explained step by step elliott wave analysis on higher to lower time frame chart of both nifty & bank nifty.
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