Bank Nifty - How to Identify the trade by combining Elliott wave and Price IndicatorSep 15, 2022
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Elliott wave helps us to navigate the trend of the market. Bank Nifty has continued to be showing a strong up move over the past few sessions. It has worked out well especially if you know how to apply Elliott wave along with technical indicators.
We published the following research on Bank Nifty before the market opens on 12th September 2022 in "The Financial Waves Short Term Update" which our subscribers receive pre-market every day.
Bank Nifty Daily Chart as on 12th September 2022 (Anticipated):
Bank Nifty Daily Chart as on 15th September 2022 (Happened):
Wave Analysis as we published on 12th September 2022:
On the daily chart, we have applied Bollinger Bands. we have shown the Bollinger Bands wherein we can see the price is tearing outside the upper Bollinger band for a couple of hours. Prices have a tendency to enter back inside the Bollinger band after a period of overextended move in a particular direction; hence buying may emerge if able to give breakouts of its upper Bollinger band again. Currently. prices are moving in form of wave g.
In short, Bank Nifty looks sideways to bullish. Use dips as a buying opportunity for a move towards 40700 as long as 40000 holds on the downside.
After completing wave f near 32400 levels, there is clear higher high higher low structure and prices have decisively taken out the previous swing resistance in today’s session which was near 41800 levels. After a dip near 40300 levels index moved as we expected. In today’s session Bank nifty made high of 41840 levels giving more than a 3.5% move within 3 trading sessions. This early move can be easily identified using wave theory along with simple indicators.
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