Bank Nifty showing signs of weakness on short term basis
Banknifty is in second wave of correction since start which is a running triangle in progress with formation (:3:3:3:3:3) which till my previous analysis posted on forum was a b wave of running flat (:3:3:5) formation in second wave.
The complete formation is a three wave correction with first wave plotted only for purpose of understanding, as the chart formation never happened in indian market and is a assumption as the bank nifty chart starts with wave 2 .
Currently market is very weak and will go down further as mentioned by yellow wave lines which are plotted based on my understanding of Elliott wave study ( glenn neely) , harmonic wave pattern retracement rules , Thomas Demark sequential analysis (which I have been using to mark completion of waves ), price volume analysis ( gevi holmes)
Currently we are in complex c wave formation of the second wave . The status of market for a short term is weak and next year is very strong considering the chart formation as per my understanding as of date.
I hope this analysis gives you all a different perspective to your analysis of the bank nifty chart.
The complete formation is a three wave correction with first wave plotted only for purpose of understanding, as the chart formation never happened in indian market and is a assumption as the bank nifty chart starts with wave 2 .
Currently market is very weak and will go down further as mentioned by yellow wave lines which are plotted based on my understanding of Elliott wave study ( glenn neely) , harmonic wave pattern retracement rules , Thomas Demark sequential analysis (which I have been using to mark completion of waves ), price volume analysis ( gevi holmes)
Currently we are in complex c wave formation of the second wave . The status of market for a short term is weak and next year is very strong considering the chart formation as per my understanding as of date.
I hope this analysis gives you all a different perspective to your analysis of the bank nifty chart.
