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.
From 15511 an impulse wave is started and in that impulse wave iii is not extended(means projected less than 161%) that is why wave v should be extended as per the rule of alteration. So wave v started from 16438 is extended after breaking above 17205(61% projection of wave v). Now Nifty may decline towards support range 16948-16675 from given resistance range....
Hello Friends, In daily chart of BN there is a possibility of 5000+ points decline. Wave counts and logic behind this is already explained in chart with upside break even point. Kindly do your own research also before taking the trade based on this analysis.
In Nifty 1hour chart bounce from 15183 is looks like Double zigzag(WXY) correction. Wave c of second abc started from 15858 is already achieved its minimum projection range(16622-16803). Which could be the resistance range for nifty And retracement range of wave c started from 15858 to 16752 is coming at 16541-16410 which will act as support range. If nifty make...
In this 1hour chart from 18351 to 16837 wave A is completed and from 16837 to 17794 wave B is completed at double zigzag correction. From 17794 wave C is already started and 16280-15923 would be the target range.
From 2636 (a or i) and (b or ii) is completed at 2954 and 2781 respectively. From 2781 (c or iii) may be started and minimum projection range is coming at 3099-3175 which can be achieved in coming days.
2844 is good support. If breaks 2844 then may consolidate between 2844-2750.
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).
From 17326 (a or i) and (b or ii) is completed at 17610 and 17524 respectively. wave (c or iii) started from 17524 has already achieved minimum projection of 100%.
Now 17768-17721 is an immediate support range for Nifty. If trades below 17721 then only negative.
Nifty closed below 17593 which is immediate breakeven point for downside. In this video I have explained latest Elliott wave counts from daily chart to 5min chart. Kindly watch video for better understanding.
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In this 45min chart impulse wave started from 15513 wave (1), (2), (3) and (4) is completed at 15817, 15746, 16702 and 16376 respectively.
from 16376 61% projection of wave (5) is already achieved and it is in extended zone.
After completion of wave (v) started from 17055 nifty can give sharp decline towards 16376.
In this 15min chart currently nifty is in support range and it will hold this range then wave v targets are given in chart.
And If nifty breaks and trades below 16591 then next support range is coming at 16476-16336 which we have discussed in 30min chart of our recent video ideas.