Bank Nifty Analysis for November expiry contract
Note
Elliot Flat Pattern formation ( type b failure) with b wave retracing .707 of a wave. This is a 3:3:5 structure and currently we are in second last segment (4) of 5 wave structure which is corrective and not impulsive.
Mentioned below is the breakup of 4th segment forming in C wave which is a 5 wave pattern. This segment is also a flat formation (type running) with b wave retracing more than 1.6182 of a wave and hence c wave not able to get into the a wave zone and retracing only 0.3182 of wave b in this segment.
Monday to Thursday will be to be range bound with upthrust most likely on Friday 15th November.
Elliot Flat Pattern formation ( type b failure) with b wave retracing .707 of a wave. This is a 3:3:5 structure and currently we are in second last segment (4) of 5 wave structure which is corrective and not impulsive.
Mentioned below is the breakup of 4th segment forming in C wave which is a 5 wave pattern. This segment is also a flat formation (type running) with b wave retracing more than 1.6182 of a wave and hence c wave not able to get into the a wave zone and retracing only 0.3182 of wave b in this segment.
Monday to Thursday will be to be range bound with upthrust most likely on Friday 15th November.
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