Bank Nifty has been moving precisely as per Elliott wave / Neo wave analysis. The path followed is exactly the way we have been expecting.
Elliott Wave theory, Time Cycle and Fibonacci series has been working amazingly well in capturing the major moves. Below is the chart showing detail analysis on Bank Nifty daily chart using above techniques.
Bank Nifty daily chart: (showed in 7th December research report)
(Below is the gist taken from monthly report published on 7th December, 2018)
Fibonacci Retracement: As of now we are witnessing the retracement on upside of the overall fall witnessed from the highs of 28389 in month of September. Currently, 61.8% is retraced we can expect a move towards 27445 levels which comes near 76.4% of the fall i.e. wave (a). So, one should get cautious………………..
Time Cycle: We are showing ?? days Time cycle on daily chart of Bank Nifty index. It is important to know when the next low will be forming, as it will create cautiousness for existing short positions. This Time Cycle has managed to capture major lows of this index. The low formed near 23600 in month of March; low formed near 26060 in July 2018 and the low near 24240 formed in October was captured by this cycle. The cycle is now entering into the topping zone and once the key support levels are broken we can expect the downtrend to resume. For now we can expect range bound ………………………….
Happened: We cautioned exactly before the down move and mentioned high volatile movement but within a range before the state election events. It is amazing to see both Nifty and Bank Nifty moving so precisely as per the pattern. Many are simply guessing what is wrong with markets as it is rallying on the worst of the news but we have been expecting this to happen as per Elliott wave pattern analysis!
The above research clearly shows how we were able to predict the turning points of Bank Nifty index. Get access to the daily research report – The Financial Waves short update along with Monthly research and see yourself trade setup from short to medium term. Get access here
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