Bank Nifty 30 Sep ~ 3 Nov 2020

Bank Nifty Elliott Wave Analysis. As on 3 Nov 2020. CMP 25,466. Posted at 10:05 ~ 10:15 am.

For well over a month, the wave count has shown the probability was for a new high above 25,228 (high of Aug 31).  We have labelled every twist and turn fairly accurately and this rally to this morning's high of 25,502 comes as no surprise.

Minimum target of a new high above 25,228 has been achieved !!

Now what ?

We now move to a more neutral view.

Price is either in a wave C up or wave iii up (of minute degree).  If it is wave iii, then Bank Nifty could reach 27,000 before wave iii is finished.  But if wave C, then the end of this rally is near.

We will now wait to see how the structure unfolds over the coming days and weeks to decide whether to turn bullish, bearish, or stay neutral.