Bank nifty analysis as per Elliot WAVE theory for 24th June
Bank nifty seems to be in corrective phase of Elliott wave and has reached till wave B and now in last phase of making wave C (see wave in blue color). If so it is supposed to give a down move in the form on WAVE pattern 12345 ( see wave in red color). Breaking below 51524 in the morning hours will give the confidence that WAVE (i) is getting formed making wave (3 - in grey color) of WAVE (i - in red color) of WAVE C ( in blue color) that means 51680 must not get broken and bank nifty must better open gap down and should not cross over 21 June close.
If this turns true than up to 50650 can the be target for the days - 24 and 25 June (weekly pivot point and trendline support area)
It might get difficult to take entry in wave (3 grey color) of WAVE (iii in red color) of WAVE C (blue color) as first we need to get a confirmation of WAVE C getting formed so one can make entry at the end of wave (ii) of WAVE C to target 50600. WAVE (ii) means bank nifty first will go down in morning hours and then will trace back and then most likely from EMA 200/100 or VWAP it might see some weakness and from there it can target 50650.
On other hand break above 51800 will invalidate this theory.
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade at your own risk.
** The waves must be seen on 1/2 minute chart which I can use to publish - minimum 15 min chart is allowed.
If this turns true than up to 50650 can the be target for the days - 24 and 25 June (weekly pivot point and trendline support area)
It might get difficult to take entry in wave (3 grey color) of WAVE (iii in red color) of WAVE C (blue color) as first we need to get a confirmation of WAVE C getting formed so one can make entry at the end of wave (ii) of WAVE C to target 50600. WAVE (ii) means bank nifty first will go down in morning hours and then will trace back and then most likely from EMA 200/100 or VWAP it might see some weakness and from there it can target 50650.
On other hand break above 51800 will invalidate this theory.
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade at your own risk.
** The waves must be seen on 1/2 minute chart which I can use to publish - minimum 15 min chart is allowed.
Not
Bank nifty completed wave 1 of leg C in the morning with the day low at 51138, then it retraced back making wave 2 in the abc pattern but retraced back almost all the fall, where (a) high is formed at 51783 and wave (b) low is formed at 51562 and now wave (c) which is forming 12345 pattern is supposed to start leg 3 in between wave (a) high 51783 and wave 1 high 51797 - a very tight room for bank nifty to start the day tomorrow.IF this happens and then if bank nifty starts coming down to form leg 3 of wave C in 12345 pattern then wave (b) low at 51562 must get some support and form H&S to form neckline and below that a sharp downside move might come.
If bank nifty move up wave 1 high 51797 then this theory will get invalidated and either corrective WAVE C is already completed at 51138 i.e. the wave in the morning with 12345 pattern was complete WAVE C and we can be in the wave 1 formation of next Elliott WAVE impulsive phase to go long above 51800.
İşlem kapandı: durdurma seviyesi
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.