Elongated flat forming with b wave completing around 10:15 am. C wave will retrace atleast 1.61 which is 10030.
Please do not trade on upside .
This analysis is based on my understanding and for education purpose only.
NIFTY is in final stages of bounce after covid fall and major reversal expected around 10300 - 10400 in nifty. This should complete by end of next week or fortnight max after which a reversal expected to start which should go till 7500 in 2 months time approx
This analysis is based on Elliott wave analysis.
What is forming is a Running Flat on long term basis...
Bank NIFTY is in C wave of diagonal triangle forming. The structure of the elliot wave understood is also given for better understanding. Tommorow should be range bound day for most of the day with big view in later half of the day.
Elliot Flat Pattern formation ( type b failure) with b wave retracing .707 of a wave. This is a 3:3:5 structure and currently we are in second last segment (4) of 5 wave structure which is corrective and not impulsive.
Mentioned below is the breakup of 4th segment forming in C wave which is a 5 wave pattern. This segment is also a flat formation...
Nifty is nearing completion of C wave and initiation of d wave. The length of d wave equals length of largest segment of triangle forming as last segment of c wave ( wave b) which is a double combination and will complete somewhere around present levels.
I am of the opinion that 11500 to be reached in January.
1. Diagonal triangle forming in 5th wave of terminal impulse
2. Wave 5 is a diagonal triangle and currently in e wave formation which is longest of all the waves
3. E wave of Wave 5 is a triple combination correction ( as per elliott waves) with last combination being a triangle formation ( wave b) in progress
4. The entire wave is a segment of triangle and not...
The terminal impulse which started 21 days back in nifty has completed and the low of 10040 in Nifty expected to be crossed in next 10 days and hopefully before expiry of Nov contracts.
My analysis in continuation to my last 2 posts is available for your information.