Bank Nifty: Time cycles, Bollinger bands®at its best!

Bank Nifty had been exhibiting wild swings on intraday basis but the overall pattern still looks very much predictable.

Below is the chart of Bank Nifty showing 79 hour’s Time cycles combined with Elliott wave – Neo wave pattern and Bollinger Bands.

Bank Nifty hourly chart:

It seems Bank Nifty is forming a big triangle pattern and prices are currently in wave c of the triangle. Within this wave c we seem to be forming a Diametric pattern which is a classic Neo wave structure. By knowing this one can be aware that wave f is ongoing and posts its completion we should see wave g on the upside. Also, Bollinger Bands help in identifying the support and resistance during a range bound movement which we are seeing over past few days.

Hurst’s Time cycles – 79 hours: This method of Time cycle is highly accurate and objective. We can also see that the same is now getting due in a day or two. This can be further confirmed once we see Bank Nifty breaking back above the resistance level.

In a nutshell, Bank Nifty is forming a classic contracting pattern and prices are arriving at crucial juncture.

Intraday traders can wait for resistance to be taken out for riding the wave g on upside whereas positional traders will have to wait for entire wave c to be over to ride the wave d on downside.

The above simply shows how one can combine advanced Elliott wave, Neo wave with Time cycles and classical Technical analysis methods like Bollinger Bands.

Most Advanced Technical anlaysis Training – Early bird offer ends on 25^th October 2019 – Learn the fundamentals of these objective methods that can help in increasing your trading accuracy and provide an amazing forecasting ability. Know more about it over here

Diwali picks given in 2018 has given amazing results so far. Stocks like Asian Paints, Honeywell Automation are up by more than 40%. We will publish 4 such stocks that you can take on Muhurat trading. Also get a free seat for most advanced training if you register for Diwali picks. Contact us here

Get upto 50% off under the latest Diwali offer, valid only for few more days – see here