BankNifty Elliot wave counts - Chart says everything

12 jul 2022

As per wave structure, currently we are forming pattern as a W-X-Y, in which we have already completed W and we have also completed 1st sub-division of X as a wave W of X and possibly now we are going to unfold X of wave X (X inside X).
As per Fibonacci retracements it can retrace 0.382% to 0.50% as per healthy retracement which are measurement of wave (w) of X, and retracement levels are pegged at 34300 to 33900, co-incidentally 100 ema and 200 ema of same time frame are also pegged at same areas.

Everything as per study is shared and mentioned on chart, chart says everything, so go through it.


Once this support line is gone on 15 min chart, then we can say it has triggered.


Also this a neckline on head and shoulder pattern on 15 min time frame


RK's sell signal is activated in 15 min chart


Bearish Divergence with RSI and MACD on 15 min chart


ema 50, 100, and 200 on hourly chart can provide support


macd turned negative in hourly time frame


Histogram is decreasing on daily chart


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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.