#banknifty #ElliotWave analysis on monthly time frame:-
Wave 1 is from 2110 to 10,774 is of 8,634 points.
Wave 2 is from 10,774 to 3,314 is of 7,460 points, corrected here almost 86% of wave 1
Wave 3 is from 3,314 to 32,613 (29,299) extended 253% of wave 1
Wave 4 is from 32,613 to 16,116 (16,497) corrected almost 56% of wave 3
Move from 0-3 is 2,110-32,613 = 30,503 points
"Calculation of Wave 5: To calculate expected targets of wave 5, just count total move from the start of wave 1 to end of wave 3 (i.e. total move till wave 3) and add 38% and 61% at the end of wave 4. The resulted levels will be your expected targets. Extended 5th wave can go above 70% till 200%."
61.8% of 30,503 : 18,850 , Wave 5 projection is 16,116 + 18,880 : 34,966
78.6% projection is 40 ,091
100% projection is 46,618
Note:-
Fibonacci Ratio Relationship
• Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1 • Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1 • Wave 4 is 14.6%, 23.6%, or 38.2% of wave 3 • There are three different ways to measure wave 5. First, wave 5 is inverse 123.6 – 161.8% retracement of wave 4. Second, wave 5 is equal to wave 1. Third, wave 5 is 61.8% / 78.6 % / 100% of wave 1-3 (total up-move till wave 3)
@subhagghosh ok I am following your chart analysis but want to learn this skills.
imkhushal
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Looks good...!
subhagghosh
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I should have published this analysis at least 6 months back, apologies 🙏
JagdishKumarPahuja
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Superb, sir can do the similar wave count for nifty also .Any person knows the wave count , he can never loose in this market . Do you have any software to calculate wave count or you have the art to identify the wave count .Thx
Sir have u provide any course / teaching?