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.