Bank Nifty Elliott wave with Time cycles!

Elliott wave is the GPS of the market that helps to understand maturity of the trend with complete trade setup.

Below is the chart of Bank Nifty which shows Neo wave counts

Bank Nifty daily chart:

Bank Nifty hourly chart:

Elliott wave analysis - Bank Nifty has moved sharply lower and the forecasting of the down move was done much before.

Entire rise post the Covid low of 2020 is in form of Diametric pattern and currently prices are moving in wave g formation.

Time cycle – Next date of reversal for Bank Nifty is on 15^th May 2024 as per this Time cycle. Post 15^th May we can expect a good up move in Bank Nifty again.

Bank Nifty hourly chart – shows the rise in overlapping fashion with prices completing wave e higher and the fall can be wave f of Diametric pattern. The channel support for Bank Nifty is at 47000 levels and below this, the most important support is at 45690.

Only a breach below 45690 will indicate bigger top is formed but until the same is intact we can expect down move followed by upside pullback again from channel support.

In a nutshell, the above research highlights simple Elliott wave – Neo wave application and how it can help to capture medium-term reversal on Bank Nifty.

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