Bank nifty elliott wave analysis for 25jan 2021 onward
RED COUNT:
from 20405 wave (i), (ii) and (iii) is completed at 30945 and (iv) completed at 28976.
from 28976 wave (v) started and minimum 38% projection coming at 33003.
Banknifty declined sharply without achieving its minimum projection.
so lets have a look at on blue count.
BLUE COUNT:
from 20405 wave (a or i), (b or ii) and (c or iii) is completed at 24823, 23613 and 32842 respectively.
Now 30664-29316 is immediate support range(retracenent range for wave (iv)).
Banknifty if trades below 29316 then we will confirm that bounce from 20405 to 32842 is abc move and further decline possible.
from 20405 wave (i), (ii) and (iii) is completed at 30945 and (iv) completed at 28976.
from 28976 wave (v) started and minimum 38% projection coming at 33003.
Banknifty declined sharply without achieving its minimum projection.
so lets have a look at on blue count.
BLUE COUNT:
from 20405 wave (a or i), (b or ii) and (c or iii) is completed at 24823, 23613 and 32842 respectively.
Now 30664-29316 is immediate support range(retracenent range for wave (iv)).
Banknifty if trades below 29316 then we will confirm that bounce from 20405 to 32842 is abc move and further decline possible.