Niftydirection

Banknifty in Leading Diagonal 5th Wave coming to End

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NSE:BANKNIFTY   NIFTY BANK
From March Lows Bank nifty is slow mover but now formed leading diagonal which is sign of uptrend coming in future.
But right now we will experience corrective wave to 5 wave leading diagonal before uptrend.
Current price 26798 and at parallel channel resistance max 27000-27162 can be expected.
We can see zig zag wave (a)-(b)-(c) from 27000 levels.
Wave (a) is expected from this point towards 25232 or 24432 (0.236 Fibonacci level of wave 1-5 of leading diagonal )
Wave (b) should retrace towards 26361 (0.618 Fibonacci between all time high and march low)
Wave (c) should retrace towards lower end of channel towards 23000 or 22842 (0.382 Fibonacci level of wave 1-5 of leading diagonal )

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Comment: Banknifty still bullish may move towards 28000 next major resistance.
28600 touch would invalidate this view. Most of the times wave 3 is larger than wave 1 and 5 touching 28600 will make wave 3=5. Also one should only short if big red candle is formed.

Comments

Ok waiting for 27000
+1 Reply
Is the view negated now? or what is the top?
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Niftydirection 436912f3672240bb9738ccb552ba65
@436912f3672240bb9738ccb552ba65, Gap up changed things today. i am still holding view of fall expecting Banknifty to top near 28000. But one shouldn't 't short unless there is big red candle.
Reply
Wave 4 is below wave 1 violating the elliot wave principle.
Reply
Niftydirection 436912f3672240bb9738ccb552ba65
@436912f3672240bb9738ccb552ba65 in leading diagonal it does violate wave 1
Reply
@Niftydirection, ok thanks this chart is helpful
Reply
Ok waiting for 26000 first
Reply
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