Bank Nifty Elliott Wave Impulse Pattern Is Starting?Mar 09, 2023
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Elliott wave and Neo wave on Bank Nifty provides clear understanding that the down move might be completing soon and up move is possible once we see breakout above 42000 levels.
Below chart of Bank Nifty shows short term to medium term outlook.
Bank Nifty daily chart:
Bank Nifty Hourly chart:
Elliott wave analysis – As shown in daily chart, we can see that Bank Nifty has been moving up in impulse pattern. It completed wave 4 at channel support and now possibly wave 5 is starting higher. Further confirmation of the same will be obtained on break above the upper trendline near 41900 levels. We are seeing lack of momentum as prices are in Terminal Impulse which is on lack of momentum.
Bank Nifty hourly chart provides better and earlier opportunity for good risk reward trades. Prices have broken above the channel and now complete retracement above 41900 will further confirm start of bigger up move. Immediate support is near 41100 levels.
In a nutshell, Neo wave is price focussed technique that helps to understand key levels and maturity of the trend. For Bank Nifty we are at make it or break it scenario. Move above 41900 will be bullish from medium term perspective and we can expect a good trend from there onwards.
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