Nifty Bank Elliott Wave Analysis

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 Nifty Bank Daily chart


Nifty Bank 2 hour chart


Analysis

As shown in the daily chart, prices are moving down in a lower high and lower low fashion which is a negative formation. Also it is important to observe that the index which was finding the support of 41700 levels (horizontal red line) once breached is now acting as a resistance (role reversal). Prices closed just below this horizontal trend line last week.

From 2 hour chart, prices  have broken crucial supports there by opening negative possibilities for the index. The index is set to plunge towards the level 35600-35400 price range.

As per wave theory, prices are moving in a corrective structure and can slump ahead as it has opened wave c on the lower side in which it has completed or might have wave ii and now it will open wave iii lower.

The summation is Nifty Bank can tank towards 35600-35400 levels over short term. However, if the index moves above 42700 will negate the downside target and the view. 

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