HDFC BANK elliottwave

Dear friends,

                      HDFC Bank is a super heavyweight in nifty ,Lets see its wave structure.

The stock made a important low below 1900 ,Lets see the wave strcture from 1900.

The structure looks quite clear wavewise,The above chart is self explanatory also the 

3rd wave comes exactly 1.6(1)wave.Wave 3 ended with a ending diagonal .The fall from 2500

is quite sharp ,The fall looks impulsive but i am giving it more time to get confident ,For now 

the gap area near 2350 is stiff resistance ,Only above that i would consider bullish count ,Till then,

lets see how the price behaves and the pattern emerges.

Indusind elliottwave analysis

This bank struggled among other private banks in rally.Ofcouse reason being expousure to stressed assets. The stock has been in range for some time .Lets see its chart.

The above chart shows the triangle possibility as long as 1350 holds the stock has potential to do 1700.Another count with a possibility og ABC correction also shows upside coming .

The above chart shows ABC possibility and right now C on .abc of c iss done and d wave is on which has a resistance at 1550 levels.

So in both cases a rally is seen though different targets. Lets see how chart behaves.

MIDCAP index elliottwave analysis

Midcap index has underperformed for 2 years now, Many midcaps have become small caps.

The chart of midcap index is squeezing.Is it getting ready for big move ?Lets check up.

The above chart suggests WXY correction over and the price is squeezing in range now,

With range squeeze ,The upside momentum can start off  with a close above 18000.

This is quite bullish count lets see how the index behaves if it  closes above 18000.

Below 16400 the count gets negated .

nifty chart

Lets look at the nifty count ,We still have a bull count .

Lets analyse it.

We can see a clear impulse ,After election result the move became bit complex and gave multiple signals. The new high nifty made was in fact the b wave the aka expanded flat pattern .So the potential of fall is still here towards 11600 ,Below which we fill the gap till 11400+-30.

Looking to revisit this count soon as the move matures.