Elliott wave is GPS of the market and helps to derive short term to long term targets.
Below is the chart of Banknifty showing possible path ahead which was derived in our live weekly webinar with 1000s of participants.
Bank Nifty Daily Chart Anticipated as on 6th April in Weekly webinar
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Bank Nifty has been moving precisely the way we have been forecasting as per advanced Elliott wave.
At the start of April month, when Bank Nifty was trading near 48000 levels, we mentioned about possible upward journey with targets of wave 5. Wherein, we derived target of wave 5 which is near 50000 levels.
The second chart shows that, Index has obliged and followed a path which can be seen in the first chart. Index rallied more than 3000 points from the lows. In today’s session Bank Nifty made a fresh record high and almost achieved our target by making high of 49974. This is enough proof that shows the method of forecasting works despite of the news or events that majority is tracking. One needs to ensure to follow the rules of Elliott wave and Neo wave to trade with high conviction!
As of now, one can continue to ride the trend by using buy on dip approach! The key support is at 49050 levels. So as long as price protects this level overall trend is likely to remain positive.
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