Bank Nifty Elliott Wave and Bank Nifty Prediction 31 august 2023 : Will Bulls fight back ?

Welcome to Bank Nifty Prediction for 31 august 2023 and in the near future through a detail analysis of the Bank Nifty Elliott Wave patterns. We’re going to look at how we think the Bank Nifty will do on August 31, 2023, and in the near future. We’ll be studying these patterns closely. Our main goal is to figure out the possible patterns, find important levels, and come up with safer trading plans. This will be really helpful whether you’re new to trading or have done it a lot before. We’re basically trying to understand how the Bank Nifty will move using Elliott Wave ideas and what it might do next.

Bank Nifty Elliott Wave and Bank Nifty Prediction done on 25th August 2023

In our previous post “Bank Nifty Elliott Wave Analysis and Prediction for Week Ahead”,

We analysed that ” the upswing of sub wave (a) within wave (B) was accomplished at 45,010 on 24th August 2023. In the current juncture, the downward trajectory of sub wave (b) within wave (B) is underway,” and we given following chart with wave count on 25th August 2023. ”

Bank Nifty Future 30 min chart as on 25th August 2023 (anticipated for sub wave b and sub wave c of Elliott Wave B)

Nifty Bank future

Bank Nifty Future 30 min chart as on 31st August 2023 (Happened)

In above chart one clearly see the zig zag down correction for sub wave (b) of wave B anticipated Post completion of wave (a) at 45010.

Bank Nifty Prediction

Bank Nifty Future exactly moved as anticipated (Highlighted with green box in above chart ) .

Bank Nifty Elliott Wave Analysis for today and week ahead 

Understanding Wave B and Patterns in Elliott Wave Theory

Wave B zigzag and complex patterns

The diagrams depict a basic three-wave Wave B on the left, and a complex Wave B formed by a five-wave triangle (each consisting of three waves) on the right.

Wave B is typically made up of three waves or a mix of three-wave patterns. It can be the most intricate among all waves, with numerous possibilities for three-wave combinations to form. The diagrams display a straightforward three-wave Wave B on the left and a more intricate Wave B made up of a five-wave triangle (each consisting of three waves) on the right.

Bank Nifty Future 30 min chart Wave Analysis

Bank Nifty Elliott Wave

The Bank Nifty future is currently trading within a falling channel, as indicated by the yellow color on the chart above. One should carefully watch high volume zone of 44000 and below that 43800 another high volume zone confluence with channel support. At this point, caution is advised. It might be a good idea to partially close short positions here, while the rest can be managed with a closely monitored trailing stop loss. It’s worth noting that a rebound could potentially occur from this support zone.

When price moves down and indicator starts showing positive diversion, it’s wise to be cautious as a trend reversal might be on the horizon.

Elliott Wave Analysis and Bank Nifty Prediction

Wave A :  completed at 43785 from all-time high of 46500 resulting in a decline of 5.84%  with sub waves of (1)-(2)-(3)-(4)-(5).

Wave B : This wave took the form of a zigzag pattern, consisting of sub waves (a)-(b)-(c)

sub wave (a) of Wave B : completed at 45010 with 3 mono waves a-b-c

Sub wave (b) of Wave B : in progress and move with  mono waves a-b-c and  last wave is in progress. Till now made low near 44000 . Here  psychological level of 44000 and 43800 important to watch being high volume confluence with channel support.

Sub Wave (c) of Wave B : Anticipated Post Completion of sub wave (b) of Wave B  to move towards once again upward trajectory 44500-44800-45000

Key Spot Level Support and Resistance for Indices

Bank Nifty Key levels

Disclaimer: This information is for educational purposes only and should not be considered as financial advice.

 

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