Nifty Bank Re-visited and Elliott Wave Analysis

-

 Nifty Bank hourly chart anticipated on 9th July 2021


Nifty Bank hourly chart happened on 29th July 2021


In my previous update dated on 9th July 2021, I had mentioned for Nifty Bank, "Nifty Bank is negatively poised for short term and can test 34000 in couple of trading sessions."

First of all it did not reach the level of 34000 but made a low of 34129 on 29th July 2021. Also it did not falter in couple of sessions as wave B took more time to form than anticipated.

The best part is it did fall near to my mentioned level by forming a flat pattern - Anticipated  Happened

Here is the link of my previous article on Nifty Bank, click on it 

https://www.marketanalysiswithmeghmody.com/2021/07/nifty-bank-elliott-wave-analysis.html

Currently prices are moving in a impulsive fahion, which means it is moving in (i-ii-iii-iv-v) waves. As of now it has completed wave iv and has stated wave v which can reach till 36350-36400 levels over short term. The CMP is at 36100 

The summation is Nifty Bank is now in a positive terrain and can soar till 36350-36400 levels over very short term.

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 hand...
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

ACC: Neo Wave Diametric pattern

-
Image
 ACC daily chart As shown in the above chart, prices are moving in a sideways direction after a stupendous rally, this sideways pattern are a sign of caution as there are high chances of a distribution pattern happening at higher levels. Wave theory suggests that, prices are moving in a Neo Wave Diametric pattern, which is a seven leg pattern (a-b-c-d-e-f-g) and in wave g there is a high possibility of a triangle pattern. Once wave g is over, prices are expected to falter till 1850 levels. The summation is ACC can move down till 1850 levels over short term, once the level of 2100 is broken decisively.
Read more