BankNifty ElliottWave Update: Messy Moves Before the Final Push?

Disclaimer
This content is for educational purposes only. It does not constitute any recommendation to buy or sell any financial instrument. Always consult your financial advisor before making any trading or investment decisions. The intent is to help you understand market structure better so you can execute with more clarity.


BankNifty
Last @ 57015 / 1:47 pm / 10th July 2025

Pattern in Focus: Ending Diagonal (Old School: Wedge)

Since the bottoms of 47700, BankNifty has unfolded in a clear impulsive structure as per our previous discussions. We proposed that the 5th wave of this larger impulse is unfolding as an Ending Diagonal -a pattern known for its frustrating up-down moves that test trader patience.


Current Structure: Proposed Wave 5 (Ending Diagonal)

- Wave 1 to 3 within the diagonal saw strong momentum
- Wave 3 topped at 57600s approx, perfectly into the 57500–57750 zone - our previously highlighted resistance zone.
- Wave 4 now seems to be unfolding as a complex correction (current move)


Key Support Zones

- Immediate Critical Support: 57000–57025

Held beautifully as tweeted earlier today-giving a springboard move towards the upside some times back close to 57200’s.

- Bigger Timeframe Support: 56250–56500

If the index slips further below 57000–57025 critical support zone, next bigger support zone comes in 56250–56500 zone. This could offer a final leg launchpad for Wave 5 upside within larger degree Wave 5


Resistance Zones to Watch

- First Re-attempt Zone: 57400–57450

Often acts as natural resistance. Instruments tend to behave like total 420s around such zones,

Maybe because they start behaving like total 420s themselves- hahaha

- Breakout Zone: Above 57500

if cleared, BankNifty can again travel back to 57600+, retesting the Wave 3 highs (proposed one) from where the recent fall started on 2nd July 2025


Our Assumption: Controlled Chaos

This is typical diagonal behaviour - messy, erratic, full of traps. But when structure is spotted early, even a lion obeys the ringmaster.

We’re watching every move amidst all the chaos.



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