BANK NIFTY SPOT CMP 21100
ELLIOT WAVE FORMATION
AS PER ELLIOT WAVE,, INDEX IS ON VERGE COMPLETE BEARISH IMPULSE PHASE, AND IF FROM THIS LEVELS CORRECTIVE PHASE UNFOLDS WE MAY SEE GOOD BOUNCE IN INDEX
TREND LINE SUPPORT :- AROUND LEVELS OF 20950 TO 21000 INDEX HAVE RESPECTED 3-4 TIMES IN LAST 2 MONTHS AND CURRENTLY INDEX IS AROUND SAME LEVELS SO IT WOULD SUPPORT INDEX AND GOOD REVERSAL CAN BE SEEN FROM CURRENT LEVELS,,
RSI DIVERGENCE :- PRICE IS MAKING LOWER LOW AND RSI IS MAKING HIGHER LOWS,, POSITIVE DIVERGENCE IN INDICATOR INDICATED SOON REVERSAL CAN BE SEEN.(MARKED BY RED ARROW)
INDEX CAN BE BOUGHT AT CURRENT LEVELS
VIEW GETS VIOLATED BELOW 20900 LEVELS (60 MINS CANDLE SHOULD CLOSE BELOW THIS LEVEL)
REVERSAL OF 900-1400-1700 POINTS CAN BE SEEN FROM CURRENT LEVELS,, AS A PART OF CORRECTIVE PHASE OF ELLIOT WAVE THEORY