Bank nifty in trouble?
chart displays wave sequences of bank nifty from oct26 23
five wave upmove completes dec28 23.
there after bank nifty corrected in zigzag formation ABC which was finished on jan25 24.
so whole of elliot wave cycle was completed there with the completion of eight waves.
It retraced 61.8 percent of preceeding motive wave.It could have been wave 2.It retraced just
to the top of wave 1 of preceeding motive wave.But thereafter bank nifty pulled back in three waves
forming wave B bracketted.Now Bracketted c wave is pending.
If bracketted C wave too take the shape of zigzag then bank nifty should be drifted lower
as it has probability to proceed lower where bracketted C becomes equal to bracketted A.
But C wave can take the shape of ending diogonal too.
The way bank nifty is rising 700 points one day and falling 700 points another day
it signals some short of wave forming rather than zigzag.
tomorrow it will be clear.
Extended corrective wave ends in 3+4=7,7+4=11 and so on.
Like this post if it helps you.
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five wave upmove completes dec28 23.
there after bank nifty corrected in zigzag formation ABC which was finished on jan25 24.
so whole of elliot wave cycle was completed there with the completion of eight waves.
It retraced 61.8 percent of preceeding motive wave.It could have been wave 2.It retraced just
to the top of wave 1 of preceeding motive wave.But thereafter bank nifty pulled back in three waves
forming wave B bracketted.Now Bracketted c wave is pending.
If bracketted C wave too take the shape of zigzag then bank nifty should be drifted lower
as it has probability to proceed lower where bracketted C becomes equal to bracketted A.
But C wave can take the shape of ending diogonal too.
The way bank nifty is rising 700 points one day and falling 700 points another day
it signals some short of wave forming rather than zigzag.
tomorrow it will be clear.
Extended corrective wave ends in 3+4=7,7+4=11 and so on.
Like this post if it helps you.
follow me to get updates.
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