bhalla1990

Bank Nifty Elliot Wave counts

NSE:BANKNIFTY   NIFTY BANK
Charts has wave marking for EWT on 2 hour time frame for march lows, either we hit the top today already or top is at 27200, coming days will tell and then followed by deep correction.

Structure looks a usual 5-3-5-3-5. Starting with a leading diagonal for wave 1 and also a diagonal structure for wave 3. Complex WXY corrective pattern for wave 4(triangle 5 then connecting wave X and ABC correction). Current wave looks like wave 5 of 5, fib extensions suggests either today we saw the top at 26350 or top could be at 27200, trendline connection wave 1 high with wave X high can call a reversal

If this is true, then we are in for a deep retracement after the high.