Bank Nifty : Elliott Wave counts

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Bank Nifty : Anticipated Happened
Bank Nifty showed some good strength especially when it crossed  9220 levels in the early October 2013.  Many of the analysts were negative on this index, but as soon as the important pivot high was crossed things changed.
We had covered Bank Nifty in our daily research report “ The Equity Waves” publised on 11th October 2013.  In which we had told to our subscribers the cluster of resistance where Bnak Nifty can reach in coming trading sessions.
The below excerpt is been picked from our research report as on 11th October 2013.
Bank Nifty 120 mins chart
Anticipated and Happened
on 11th October 2013


Analysis
From 120 mins chart, the index after breaking the downward sloping red channel gave a bullish break and started moving up by protecting its previous lows which is a positive sign for this index. Currently, the index is moving precisely in an upward sloping black channel. 2 days prior it bounced from the lower end of the channel. Now prices can move higher till 61.8% retracement of the previous down move which comes to 10600 levels, coincidentally the resistance of the black channel falls around same level.

As per wave theory, we think that prices completed wave A at 9582 levels. Currently it is moving upside in the form of wave …which has … wave structure. Sustainable move above …. will open further positive possibilities.

In short, Bank Nifty will reach the cluster of resistance placed at 10600 levels over short term. However any move below 9950 will accelerate selling pressure.

We were very accurate in capturing the move as prices on same day came up till 61.8% retracement which is 10600 and achieved our mentioned level.

Find out what is the next move on Bank Nifty by subscribing our research report which is a Daily publication before the market opens. “Don’t follow the crowd, think objectively”


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