Bank Nifty Hourly Time Cycles, OI Profile, Elliott WaveSep 22, 2021
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Combining Time Cycles with Open Interest Profile and Elliott wave analysis is an innovation in field of technical analysis.
These are advanced concepts of Technical analysis and is believed to be complex but trust me if one only understands the logic these are powerful forecasting tools and it is very simple.
Look at the below hourly chart of Bank Nifty:
Elliott Wave - We can see prices have been moving the upward sloping channel extremely well. The entire rise is non impulsive since we see overlapping trend and here is a possibility we are going to form a triangle pattern. Do understand this is an assumption and if the key support near 36500 breaks then the chances will increase that short term top is formed. But as long as the support remains intact we will look forward for prices to move as per the path shown.
Open Interest profile – Is helping us to identify the areas where the option sellers will get nervous. The highest Put and Call OI is now at 37000 levels indicating short straddle strategy in play for now. ON upside 37500 is where the next highest OI increase can be seen so this can be short term hurdle on upside. Any move below 36500 can result into a sharp decline as there are no support from Option sellers
177 Hours Time Cycle: We can see Bank Nifty has been following this time cycle well and reversing up after the cycle zone in the first half of the phase. The cycle is buy mode as long as 36500 is protected. Any move below that will turn this cycle also on the sell side.
Path ahead: Bank Nifty can form a triangle pattern as shown and by combining Elliott Wave with OI profile, Channels, Time Cycles one can take trades on Options accordingly forming a precise strategy for a range bound move between 36500 – 38000 levels over next few days.
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