Bank Nifty - Elliott Wave Analysis
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Elliott Wave theory is subjective, and market conditions can change rapidly. Elliott Wave Analysis (Weekly Timeframe) Looking at the grand cycle starting from the March 2020 lows (the "COVID crash" bottom near 16,000), the chart shows a classic impulsive structure: Wave 1 (March 2020 – Oct 2021): A massive initial run-up from ~16,000 to ~41,000. Wave 2 (Oct 2021 – June 2022): A sharp, choppy correction down to the ~32,000 level (roughly a 38.2% - 50% retracement of Wave 1). Wave 3 (June 2022 – Recent Peak): This has been the longest and most powerful wave, taking the index from ~32,000 to over 60,000. Within this wave, we can see smaller five-wave sub-structures. The final vertical thrust seen recently likely completed this major Wave 3. Current Phase - Wave 4 (Starting Now): The very sharp, long red candle at the end of the chart suggests that Major Wave 3 has ended , an...