I can't resist to analysis the bank nifty on the daily time frame and hence mid of week did the analysis.
99% of the BN price movement of the last 6 months is covered within the regression channel of +4 & -2.5 sigma.
As per Elliot's wave, wave 5 can go till 1.618 of wave 1, which gives a target of 29,871 and we made a high of 29,785 can slide 1000 points.
If we have to assume wave 5 is complete and we are heading for an correction, the problem is there is no way to calculate wave A until it's complete and then we can decide the rest of the movement, the same way we can't calculate wave 1 until it is completed.
Wave A might retrace between (1) to (2) of wave 5, which might be correct till 24,020.
The overall analysis will negate if 29,785 is breached on the upside.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.