Bank Nifty Elliott Wave Analysis

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 Bank Nifty daily chart


Bank Nifty 2 hour chart


Analysis

As seen in the above daily chart, Bank Nifty is moving in a higher highs and higher lows with RSI exhibiting negative divergence. This setup is a common setup especially when the asset class is in the last leg of the ongoing trend. Also this is a classic distribution pattern commonly known as rising wedge pattern.

However, I am not able to figure out as of now whether prices have completed the pattern or it has just started.

From 2 hour chart, the index is hovering near to its previous resistance level (horizontal red line) where it is trying to consolidate. As of now there are major CE sellers at 44000 levels followed by 44500 levels which is a clear indication that prices will continue to move in this range and reach towards this zone and then can again come back to test the lower extreme where 43700-43500  where PE sellers are placed.

As per Wave theory, I think I was early to predict the ending diagonal pattern. I think prices are expected to move higher to test the zone of 44500 levels and then move down in the form of wave iv of ending diagonal near to 42700-43500 price range.

The summation is Bank Nifty is expected to remain in a range of 44500-43500 levels next week where there can be an upmove first followed by down move in the above expected range.

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