PSU BANKS 3rd wave examples (Elliottwave)

Hi friends,

                  A post after a very long time ,PSU banks are on a tear 3rd wave at play lets look at few charts,To figure out the move.

Lets see union bank chart 

The volume brust and relentless rally confirms 3rd wave characteristics ,(108-112) range can give resistance thats (1.61)of wave 1.Lets see how stock behaves there.

Lets check PNB 

This was mostly the laggard most of the time ,This time it took off 50 resistance ,68-70 range is good resistance point for stock..

How Nifty performed under different prime ministers of India

Hi friends,

                  Lets see how nifty has performed under different prime ministers of India.

The data is taken from PV NARSHIMHA RAO's tenure onwards.

I took data from PV NARSHIMHA RAO onwards as,He is often referred to as the "Father of Indian Economic Reforms". Future prime ministers Atal Bihari Vajpayee and Manmohan Singh continued the economic reform policies pioneered by Rao's government. He employed Dr. Manmohan Singh as his Finance Minister to embark on historic economic transition !!.

In the above table the data for narendra modi is taken till 14th oct ,His tenure is still not finished.

Lets see the nifty move in chart in different prime ministers tenure

Nifty wave analysis

Taking further from last post Nifty and dow futures .We can see dowfut had already broken previous low whereas nifty was still trading above last low ,In last 2 trading days nifty too breached last low and today attempted a recovery.Lets see the chart.

The move is well within the parallel channel . Also a trendline from all time high crosses from todays low .This range of 11000-10950 seems important if we hold it can expect good up move. Wavewise an abc correction looks finished .Lets see tomorrows price action for more confirmation. 

Nifty and dow fut

Hi friends,

                    Dowfutures and nifty are in fractal move quite similar move.

lets see the two charts.

The above chart is nifty spot ,Can see the kind of wave move happened have showed with arrows,Lets see dow futures move.

The above chart is dow futures hourly chart ,Again here i have shown waves with  blue lines ,Just compare both charts move its quite similar ,Lil bit here and there variation may be there,But overall structure looks same .Dow futures is bit ahead of nifty chartwise it has already broken previous low ,Where as nifty is yet to break.