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## **BANKNIFTY 1H – Elliott Wave Analysis**
The chart suggests that **Bank Nifty has likely completed a corrective W-X-Y structure**, with wave **(Y)** forming near an important support zone. The recent decline appears to be exhausting, increasing the probability of a fresh impulsive advance.
The projected scenario indicates the beginning of a new **five-wave bullish impulse (1-2-3-4-5)**:
* **Wave 1:** Initial recovery from the (Y) low.
* **Wave 2:** A shallow pullback to confirm support.
* **Wave 3:** Expected to be the strongest and longest bullish wave, potentially breaking previous swing highs.
* **Wave 4:** Healthy correction after Wave 3.
* **Wave 5:** Final push toward the marked resistance zone (blue horizontal line), completing the impulsive cycle.
### **Key Observation**
* W-X-Y correction appears complete.
* Strong support has developed around the recent low.
* Bullish momentum is expected if price remains above the Wave (Y) low.
* A breakout above the recent swing highs would confirm the bullish Elliott Wave count.
**Trading Perspective:**
Maintain a bullish bias while price holds above the recent swing low. Confirmation of Wave 1 and Wave 2 increases the probability of an extended Wave 3 rally toward higher resistance levels.
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## **BANKNIFTY 1H – Elliott Wave Analysis**
The chart suggests that **Bank Nifty has likely completed a corrective W-X-Y structure**, with wave **(Y)** forming near an important support zone. The recent decline appears to be exhausting, increasing the probability of a fresh impulsive advance.
The projected scenario indicates the beginning of a new **five-wave bullish impulse (1-2-3-4-5)**:
* **Wave 1:** Initial recovery from the (Y) low.
* **Wave 2:** A shallow pullback to confirm support.
* **Wave 3:** Expected to be the strongest and longest bullish wave, potentially breaking previous swing highs.
* **Wave 4:** Healthy correction after Wave 3.
* **Wave 5:** Final push toward the marked resistance zone (blue horizontal line), completing the impulsive cycle.
### **Key Observation**
* W-X-Y correction appears complete.
* Strong support has developed around the recent low.
* Bullish momentum is expected if price remains above the Wave (Y) low.
* A breakout above the recent swing highs would confirm the bullish Elliott Wave count.
**Trading Perspective:**
Maintain a bullish bias while price holds above the recent swing low. Confirmation of Wave 1 and Wave 2 increases the probability of an extended Wave 3 rally toward higher resistance levels.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.