BANKNIFTY - on a longer scale

25 Apr 2018

I am new to this platform. Kindly bear with me if I have used wrong symbols or colors.

So what I am trying to use, is the basic philosophy behind Elliot Waves. They are FRACTAL.

I have shown 5-3 wave sequences and followed them to 1m scale.

25 Apr 2018

Nota

BankNifty looking to test the support zone shown and then should get that huge push it needs to throttle up close to 25600-26000 Range

25 Apr 2018

Nota

Currently it is close to 24800. This support zone is important. If the bulls can hold off this range and prevent BankNifty from falling down to or below 24780-24760, then a small upward trend may start. If that breaks through 25200-25600, then we may see higher levels.

30 Apr 2018

Nota

If you see graph now Banknifty has indeed bounced bank from the zone I mentioned in the last comment on 25th Of April.

We are close to the second zone I mentioned(25600). It will get good buy support if it crosses the 25600-25800 mark. If the bears are strong here, price may retrace down below 25000.