Bank Nifty - Alternate Counts as per Elliott Wave

-

 Bank Nifty daily chart


Bank Nifty 2 hour chart


Analysis

As seen in the above daily chart, prices are moving in a lower highs and lower lows fashion and precisely moving in a falling trend line. Recently the index found the support of the lower trend line of the channel and bounced back thereby opening positive possibilities. There is a high possibility for the index to move close to the higher end of the channel.

From 2 hour chart, prices have crossed both the short term moving averages and they have given a bullish crossover thereby opening positive possibilities. Prices are expected to reach towards 41700-41800 price range over short term.

According to Wave theory, prices are moving in (a-b-c) pattern but i am opening another alternate wave count.

The first possibility id (a-b-c-x-a-b-c) where after wave x prices have completed wave a and now going up in the form of wave b higher.

The other possibility is as shown in the daily chart, is the first correction towards 39000 is wave A and then currently prices are going higher in form of wave B in flat pattern and then wave C lower.

In both the above scenarios, first the index will go higher towards 41700-41800 levels and then it will come down. I will continue to monitor the characteristic of wave C on the lower side and keep you updated.

The summation is Nifty Bank is positively poised over short term and can reach towards 41700-41800 levels.

Comments

Post a Comment

Popular posts from this blog

Nifty in Ending Diagonal Pattern?

-
Image
 Nifty Daily chart Analysis Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam. According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend. In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  htt
Read more

GOLD and Elliott Wave Counts

-
Image
 Gold 4 hour chart Analysis As seen in the above chart, gold prices shot up after escalating geopolitical concerns. Gold prices are moving higher after making a low of $1800 levels and yesterday it closed well above $1930 levels and it is on the brink to cross its previous swing high, which will indicate that the trend is firmly positive. According to Wave theory, prices completed wave a at $1809 levels and has started moving higher in wave b which is also a corrective structure thereby forming a flat pattern, prices can move towards 80% (minimum) which comes to $2025-2030 levels and maximum it can go till 123.6%-138.2%. The summation is Gold prices can move higher going ahead and can test the level of $2025-2030 levels over short to medium term. Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle :  https://twitter.com/meghmody? s=11&t=LtKvFYlMyQs71k-udwEPgQ
Read more

Gold Anticipated Happned

-
Image
 Gold anticipated on 14th Oct 2023 Gold happened on 28th Nov 2023 Analysis In my prior article, I noted that "Gold prices have the potential to climb higher and may reach the $2025-2030 range in the short to medium term." The yellow metal indeed surged towards $2150 levels, surpassing my projected range of $2025-2030 when it was initially trading at $1933 - the anticipated outcome. To read my previous article on Gold, click on the link below https://www.marketanalysiswithmeghmody.com/2023/10/gold-and-elliott-wave-counts.html Presently, prices are following a flat pattern, having completed wave a of wave b, and this wave b is identified as a flat. The next movement could reach a minimum of 80%, translating to $2090 levels, or it might extend to $2150 levels or beyond. Clear-cut indications point towards prices fluctuating within the $2100-2150 range. Currently, prices are recorded at $2053 levels. To sum up, Gold prices display a positive outlook and are expected to fluctuate
Read more