Banknifty in Leading Diagonal 5th Wave coming to End
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)
DISCLAIMER:There is no guarantee of profits nor exceptions from losses.
Technical analysis provided on the chart is solely the personal views of my research.
You are advised to rely on your own judgments while taking any investing/Trading decisions.
Past performance is not an indicator of future returns. Investment/trading is subject to market risks.
Seek help of your financial advisors before investing/trading.
I may or may not trade this analysis. Details in description.
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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)
DISCLAIMER:There is no guarantee of profits nor exceptions from losses.
Technical analysis provided on the chart is solely the personal views of my research.
You are advised to rely on your own judgments while taking any investing/Trading decisions.
Past performance is not an indicator of future returns. Investment/trading is subject to market risks.
Seek help of your financial advisors before investing/trading.
I may or may not trade this analysis. Details in description.
-------(((((Please LIKE & Donate Coins to support my analysis)))))-------
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.