Bank Nifty !! Elliot Waves

The analysis base on Elliott Wave Theory in weekly and daily time frame.

Elliott wave has three parts :
a) Impulse wave (Point 0-1, 2-3, 4-5), which net travels in the same direction (higher high) as the larger trend, always shows five waves in its pattern.

b) Corrective wave (Point 1-2, 3-4), on the other hand, net travels in the opposite direction (higher low) of the main trend.

c) Followed by three waves in a correction (A,B,C) - Lower High and Lower Low.

The Elliot waves combined with fib retrenchment give a broader idea to identify trend and reversal.

Disclaimer : Consult financial advisor before trading.

Thanks