#Characteristics of Bow-Tie Diametric pattern
*It's a seven legged Elliot / Neo wave corrective pattern
*Wave A=G,B=F,C=E.wave D is connector.
*Wave B takes less time then wave A took to form,and can correct wave A by more then 61.8%.
#Reasons for not considering this entire swing as an impulse/triangle move
*Wave B has retraced wave A more then 61.8%(In an...
Nifty PSU Bank Index is outperforming Private Bank Index by a big margin. Current Situation is Similar to 2004-2008 Period where maximum money was made by Public Sector Banks. Public Sector Banks where NPA's have bottomed out and Banks with High Provision Coverage Ratio has potential to surprise everyone on the positive side.
Chart Suggests that PSU Banks can...
Nifty pvt bank
Rising parallel channel
Horizontal demand zone
Hidden bullish divergence on RSI
Pre assumption of harmonic ABCD pattern fromation..
Good formation around current levels..
time too add some pvt bank in your folio..
Recently breaking the upsloping trend channel now we are making lower highs and lower lows on Nifty Private Bank. Sell on RIse Market? ALthough the long term uptrend is still intact but we can see the demand weakening.
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,,...