Bank Nifty : Elliott Wave counts

-


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”


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 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

MCX Crude Oil - Reversal as per Elliott Wave Analysis

-
Image
 MCX Crude Oil 4 hour chart Analysis According to the presented chart, the price movement of crude oil shows a consistent pattern of lower highs and lower lows, suggesting a prevailing negative bias. Notably, there was a recent breach of the previous low following the Crude Oil inventories report, leading to a decline towards the 5787 levels. Despite this, there is a potential for a relief rally or a reversal to occur at the current levels. Examining the Waves perspective, Crude Oil exhibited a three-leg pattern (A-B-C), with wave C concluding at 161.8% of the distance from wave A to wave B, as illustrated in the chart. Within wave C, there are distinct markings of five waves, hinting at the imminent completion of the downtrend. In summary, it is suggested that MX Crude Oil could experience a relief rally or a reversal in the vicinity of these levels, with the potential to test the 7000 levels in the future . Join my Telegram Channel :  https://t.me/elliottician1 Join My Twitter handle
Read more