Bank Nifty - Alternate Counts as per Elliott Wave

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 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.

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