This Elliott Wave analysis report of Bank Nifty I prepared on request of my blog readers, subscribers and follower. I don’t have much time to analyze more than one script a day other than Nifty as I am always busy in replying queries of my students, So, I am just posting my rough wave counts of Bank Nifty without detailed explanation. Let’s have a look on daily chart.
This is daily time bar chart of Bank Nifty which shows a wave 3 completed at top 20907 and wave 4 is in progress. 23% for wave 4 is already completed and 38% is placed at 16719. Now, we need to look at only wave 4 closely on lower time frame chart.
This is 30 minutes time bar chart of Nifty covering move after all time high 20907 which I am expecting as start of wave 4. It seems waves (A) and (B) of 4 is completed and wave (C) is in progress. End of wave (A) is 18227 and 100% for wave (C) is at 17861.
If I am right at identifying wave’s pattern correctly, then Bank Nifty can decline till 18227 -17861 in coming sessions before new high. This is just rough analysis, please take you own trading decisions and never trade without stoploss.