Nifty Bank Elliott Wave

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 Nifty Bank daily chart


Nifty Bank 2 hour chart


Analysis

As expected in Nifty Bank, prices crossed 42,350 levels and reached my mentioned level of 42,700 levels - Anticipated Happened

From daily chart, the index is moving in a rising channel and it is moving precisely in this positive formation. As of now there is no reversal seen but most of the oscillators are in overbought and can possibly remain in overbought terrain going ahead while price continue to soar. The index has crossed 80% of the previous fall 44,150 -38,610 levels. and there is a possibility for the index to climb towards 100% also.

As seen in the 2 hour chart, the index is taking support of 20 EMA (red) which is a sign to figure the potential support of the index. The moment it fluctuates to and fro it will give an indication of a top being placed. At current juncture there is no sign of this and so prices are expected to move higher from current levels.

Wave theory suggests that prices are moving in wave B in which it is moving in the last leg of wave c which is wave v. I am not able to see any impulsive structure within wave v and so the bias remains positive for Nifty Bank till a clear conclusion is met.

The summation is Nifty Bank is positively poised and can move higher towards 44,000 or close to it over short term.

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