Further Elliott Wave Analysis Updates of Bank Nifty for 19 February 2018 Onwards

| February 18, 2018 | 0 Comments

Bank Nifty opened higher at 25511 and further bounced to register high 25601 but didn’t sustain at that level and declined back again by more than 400 points to register low 25100 and finally closed 260 points down at 25163.

Friday, for short term, I had mentioned that Bank Nifty if breaks above the upper line of expected Triple Zigzag Correction marked on 15 minute chart then it can bounce sharply and straightway above 26140. The upper line was around 25550-25560.

Trading strategy was to buy Bank Nifty 25500 call of 22 Feb expiry above 26560 with stoploss of 130 points expecting minimum target 26140 but stoploss for the trade was triggered. Let’s have a fresh look at latest charts for further scenario.

This analysis report is covering bounce from 17606 which I am expecting as start of inner wave [3] in my last all time frames analysis report “Elliott Wave Analysis of Bank Nifty for All Time Frames as on 08 January 2018”

Elliott wave counts of Bank Nifty on Daily chart

                                 Elliott wave counts of Bank Nifty on Daily chart

 This is Daily time bar chart of Bank Nifty which I am expecting as start of wave [3]. This is the same chart with explanation which I had explained in my last analysis report because there is no major change in wave counts on this chart.

It seems wave [i],[ii],[iii],[iv] may be completed till 23611 and wave [v] may be in progress from 23611. Wave [v] achieved its 38% projection placed at 26511 whereas 61% projection placed at 28302 which may or may not achieve.

Within wave [v] after 23611, the bounce is combination of repeated (ABC) waves. So, either there is Ending Diagonal Triangle pattern in progress or it is Irregular Correction at top. Exact pattern is not yet clear, so we need to concentrate on the decline started from 27652 until we get clarity.

Elliott wave counts of Bank Nifty on 30 Minute chart

                             Elliott wave counts of Bank Nifty on 30 Minute chart

This is 30 Minute time bar chart of Bank Nifty covering decline from 27652. There is light change in wave counts after seeing the slow move and consolidation at bottom.

Now, it seems wave 1 completed at 27116, wave 2 may be completed at 27613, wave 3 may be completed at 25023, wave 4 may be completed at 26140 and wave 5 may be in progress 26140.

Minimum 38%-61% projection for wave 5 is placed at 25135-24515. End of wave 3 is 25023, so minimum range for completion of wave 5 is 25023-24515.

Now, we need to analyze the progress of wave 5 started from 26140 on separate lowest possible time frame chart to check its pattern.

Elliott wave counts of Bank Nifty on 15 Minute chart

                                Elliott wave counts of Bank Nifty on 15 Minute chart

This is 15 Minute time bar chart of Bank Nifty covering move from high 26140 which I expected start of wave 5 on previous chart.

Within wave 5, the move is combination of repeated (abc) waves, this pattern looked like a Complex Correction earlier but rules broken on Monday. Now, exact pattern is not yet clear, but there is 3 waves decline at last from 25615.

From 25615, it seems wave completed from 25615-25212 may be wave (a or 1), wave completed from 25212-25601 may be wave (b or 2) and wave (c or 3) may be completed at 25100 or still in progress.

38% retracement of the wave (c or 3) is placed at 25296 which is the breakeven point on upside above which Bank Nifty can bounce towards 25615 and above. Otherwise Bank Nifty has possibility to decline towards 25023-24515 in coming days.

Conclusion and Outlook:

There is no major change in wave counts and outlook of Bank Nifty, personality of bounce from low 25023 is not indicating any bigger reversal and possibility for one more low below 25023 is still there in coming days.

For short term, 25296 is immediate breakeven point on upside above which further bounce towards 25615 and above is possible otherwise Bank Nifty has possibility to decline towards 25023-24515 in coming days.

We need to keep all these conditions in mind while deciding next trade.

Trading Strategy:

I have not suggesting any trade until get clarity in pattern.

CLICK HERE to get Elliott Wave Analysis Reports of Bank Nifty Daily by Email with Expected outlook, Targets, Stoploss and Trading Strategies.

Also Read,

  1. Elliott Wave Outlook of Bank Nifty before 25 January 2018 Expiry
  2. Bank Nifty Can Bounce Towards 27055-27445 Before January 2018 Expiry
  3. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 18 January 2018 Onward
  4. Elliott Wave Analysis of Bank Nifty for All Time Frames as on 08 January 2018
  5. Bank Nifty can bounce above 25780 sharply in coming days
  6. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 December 2017 Onward
  7. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 November 2017 Onward
  8. Elliott Wave Targets of Bank Nifty for October 2017 Expiry
  9. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 16 October 2017 Onward
  10.  Bank Nifty can Bounce Above 25198 Again in Medium Term
  11.  Long Term And Short Term Elliott Wave Analysis Report of Bank Nifty for 14 August 2017 Onward
  12. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 27 July 2017 Onward
  13. Bank Nifty Can Bounce Sharply Towards 24437-24704 in Short Term
  14. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 14 July 2017 Onward
  15. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 07 July 2017 Onward
  16. Elliott Wave Analysis Report of Bank Nifty for 28 June 2017
  17. Elliott Wave Outlook and Trading Strategy of Bank Nifty for 23 June 2017 Onward
  18. Bank Nifty can bounce further towards 23464-23587 in Coming Session

Contact me:

Emailewavinod@gmail.com

Call: 9796033671

WhatsApp: 9796033671

Website: www.ewanalyst.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Category: Bank Nifty

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