172@29@17@247!~!172@29@0@53!~!|news|business|markets|analysing-banknifty-5-minute-cycle-with-elliott-wave-ashish-kyal-5431171.html!~!|controller|infinite_scroll_article.php
Moneycontrol
Financial Freedom Offer: Subscribe to Moneycontrol Pro and grab benefits worth ₹15,000/-
Last Updated : Jun 20, 2020 07:57 PM IST | Source: Moneycontrol.com

Analysing BankNifty 5-minute cycle with Elliott Wave: Ashish Kyal

The above research simply shows that by combining time cycles along with Elliott Wave provides forecasting ability along with timing the market.

Moneycontrol Contributor @moneycontrolcom

Ashish Kyal, CMT

Application of Elliott Wave on BankNifty on a 5-minute chart is showing an amazing pattern. This when combined with time cycles provides the much-needed conviction to pull the trigger.

Close

If you see the BankNifty chart below you would notice that it does not need much explanation. As we always say irrespective of the news or events the pattern works out very well.

BankNifty 5-minute chart as on 17th June 2020 closing.

Bank Nifty 19 June

The recent event of India-China standoff and tensions over the border has not resulted in any significant change in the trend. Over the short-term, there was a spike downwards but that was also only temporary, and Nifty along with BankNifty recovered back sharply.

BankNifty has been exhibiting very clear Elliott Wave patterns and prices seem to be moving in the form of wave (e). This can be a triangle pattern.

Observe the clarity on the 5-minute chart when most of us are struggling to understand the reason for the selloff followed by a rise.

Over and above that the time cycles on 5-minute chart looks simply superb and if one can time the turn with the Elliott Wave pattern the accuracy will be more astute.

The above research simply shows that by combining time cycles along with Elliott Wave provides forecasting ability along with timing the market.

The overall trend remains buy on dips as long as the important support near 19500 level remains protected on BankNifty.

News or events will only follow the market movement which is leading on most occasions. Trade objectively using these advanced concepts of technical analysis.

(The author is Founder of AK Trading Gurukul / WavesStrategy.com. He could be reached on Twitter at @kyalashish)

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on Jun 20, 2020 07:57 pm
Sections