Elliott wave is GPS of market along with Fibonacci helps to understand Targets, Stoploss and maturity of trend.
Below chart of Bank Nifty was discussed during the Exclusive live webinar on 27th November 2022 with 1000s of participants where we derived possible path for this index.
Bank Nifty hourly chart (anticipated on 27th November)
Bank Nifty Trade basis of Fibonacci
Bank Nifty in today’s session is already breaking above the resistance of 43064 levels, Nifty touched lifetime high levels. The overall undertone is positive as long as we do not see close below the previous day’s low.
Post completing wave v on upside we can expect retracement of the up move. However, that has to be driven by two stage confirmation as per Neo wave – Advanced Elliott wave technique.
By combining simple price action along with Fibonacci and Elliott wave one can derive complete trade setup for Nifty, Bank Nifty and stocks.
In a nutshell, Bank Nifty trend looks positive as long as 42900 remains intact on downside for upside targets of 43350. It is important to understand this is game of probability and one should always trade when the probabilities are favourable.
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