Bank Nifty Weekly Wave Analysis & Positional Trade Setup

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Reason for shorting:

As per Elliott Wave theory, Bank Nifty has completed the 1, 2, 3, 4, 5 moves, and wave 5 went up in a contracting triangle ED (Ending Diagonal).

It has completed a degree, and now we are expecting a correction. Based on Fibonacci retracement levels, our minimum targets are 0.618 and 0.786.

Time Frame: Weekly

Stop Loss: Above ATH (51130)

Targets: Mentioned in the chart

Disclaimer: We are not SEBI registered. The content presented here is based on our personal opinions. Conduct your own research and consult with a qualified financial advisor before making any investment decisions.

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Giao dịch được đóng thủ công

As we mentioned yesterday in the comment section, it was a good decision to exit early for a small loss at 50,300 instead of waiting for 51,130. The long position is already 800+ points in profit.

Please refer to the comment section for the detailed message.

Be an adaptive trader; there should be no emotional attachment to trades.