Bank Nifty 15 Minutes Triangle Breakout + Time CycleSep 05, 2022
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Bank Nifty is moving as per Elliott wave / Neo wave pattern and also precisely as per Time cycle even on a 15 minutes chart. Elliott wave and Time cycles are powerful forecasting techniques with a complete trading system itself.
Bank Nifty 15 minutes chart:
Elliott wave analysis
Above chart shows a standard Extracting Triangle pattern as per Neo wave. Difference between Elliott wave and Neo wave is that Neo wave has more rules for Impulse pattern and newly defined patterns like Diametric, Extracting Triangle with objective ways to apply those rules. So, Neo wave is an extension of Elliott wave but with complete system to trade from Intraday, Positional to Investments.
Now in above chart, Bank Nifty formed an Extracting Triangle pattern. This is a 5 legged pattern with the downside move getting smaller that is wave (e) is smaller than wave (c) which is smaller than wave (a). On other hand, wave (d) is bigger than wave (b). We can clearly see this in above chart.
Time cycles – Bank Nifty is forming low every 89 period on a 15 minutes Time frame. A low does not necessarily mean major low but it can be minor low as well. When the wave pattern is in sync with Time cycle that is the time one can take good positional bet. There is a unique way in which Time should be looked at and its application in correct fashion is most important.
We can see in above chart that wave e completion is confirmed above 39600 and also the time has been supportive. Both combined together gave a classic indication for a positive move on Intraday basis in this index.
In a nutshell, Neo wave + Time cycles is lethal combination that a trader can use as a complete system with clear targets, stoploss and can be used as a signal.
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