BANK NIFTY WEEKLY CHART
1.Wave (w) and (x):
The chart starts with a corrective wave pattern labeled as (w) and (x). This indicates a complex correction
After wave (C), the chart shows a series of five impulse waves indicating a strong bullish trend.
Wave (1): The initial upward move.
Wave (2): A corrective pullback.
Wave (3): Usually the strongest and longest wave.
Wave (4): A smaller correction compared to wave (2).
Wave (5): The final move upward in this impulse sequence.
Sub-Waves:
Each impulse wave (particularly waves (3) and (5)) is broken down into smaller sub-waves, labeled with numbers and letters, showing the internal structure.
MACD Indicator:
Trend Confirmation: The MACD line crossing above the signal line supports the upward trend seen in the impulse waves. When the MACD line is below the signal line, it indicates a correction or reversal in the trend.
The chart starts with a corrective wave pattern labeled as (w) and (x). This indicates a complex correction
After wave (C), the chart shows a series of five impulse waves indicating a strong bullish trend.
Wave (1): The initial upward move.
Wave (2): A corrective pullback.
Wave (3): Usually the strongest and longest wave.
Wave (4): A smaller correction compared to wave (2).
Wave (5): The final move upward in this impulse sequence.
Sub-Waves:
Each impulse wave (particularly waves (3) and (5)) is broken down into smaller sub-waves, labeled with numbers and letters, showing the internal structure.
MACD Indicator:
Trend Confirmation: The MACD line crossing above the signal line supports the upward trend seen in the impulse waves. When the MACD line is below the signal line, it indicates a correction or reversal in the trend.
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