Bank Nifty: Amazing predictable movement as per Neo wave - Diametric Pattern!

Neo wave and Hurst’s Time cycles have helped to capture the movement on Bank Nifty precisely. Here is the research that will give complete insight into this index.

Before trading or investing in any asset class it is important to understand its market behavior and structure. This will help in managing the risk factor to survive in any market for traders. Nifty has continued its uptrend and is now trading near the level of 9700. You might want to also have a look into a very detailed analysis on Nifty Hurst’s Time cycles

The major support in this rally has been witnessed from the Bank Nifty which has moved higher from 23311 to 23890 level in last few days. Bank Nifty has continued to follow Neo wave pattern along with basic technicals very well.

Bank Nifty daily chart:  (Application of Time Cycles for capturing lows)

Bank Nifty 60 mins chart:  (Anticipated in the morning of 19^th June 2017)

Bank Nifty 60 mins chart: (Happened till now)

(Below research is taken from “The Financial Waves Short Term Update”)

Wave analysis:

“Bank Nifty and Nifty both these indices have been moving in corrective fashion on downside from last few days. This sideways to negative action has brought prices at the important juncture and price action of next 1 or 2 days is going to be vital.

(Weekly chart has been removed purposely which is shown in research report), the up move started from the beginning of 2016 is corrective in nature which is intact in black upward moving channel. As per this black channel prices still have more room to cover on upside. As of now there is no break of crucial support levels which is going to keep trend on positive side. 10 weeks EMA is proxy for the same which has provided support in the entire uptrend. After the consecutive of up move of 7 weeks, in the last week prices have taken out the low of prior week however in the end it managed to recover. This has protect the low of prior bar on closing basis and any move above 23620 will suggest that trend has started on upside.

As shown in daily chart, here we can see that double correction pattern is under formation in which second correction is forming Diametric pattern. Last few days of price action is in form of wave f of pattern and post the same upside trend should start in form of wave g. Time cycle of 20 days is working well which has formed important lows in the past. The same cycle is due in current week and prices are at the channel support along with 20 days EMA. Hence sharp up move cannot be ruled out.

As shown in 60 mins chart, the recent sideways action resembles the earlier downward correction and post which sharp upside trend was witnessed. Now move above 23620 level will indicate that next leg on upside has started in form of wave g.

In short, Bank Nifty has arrived at channel support. Move above 23620 will take prices towards …… or higher levels where channel resistance is placed.”

Happened: Post taking out 23620 level, Bank Nifty has made high at 23890 level till now and it has been reaching towards the our mentioned target level.

The above research clearly indicates that advanced technical tools combined with basic techniques have continued to work well to capture the short to medium term trends. Get your copy of “The Financial Waves Short Term Update” which covers Nifty and 3 stocks with Elliott wave and important levels.

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