Since pandemic BANKNIFTY has rallied from 16100.00 to 41000.00 plus levels. A clear impulsive rally we have seen from low to high as mark in yellow as Wave 1 , Wave 2 and Wave 3 as a Major Wave cycle. Wave 3 (Yellow) of a Major Wave Cycle seen to be extended in 5 sub waves(marked in green as (1),(2),(3),(4),(5)) fallowing all the conditions of Elliot Wave. Since completion of the Wave 3 (Yellow) a correction started and predicted to be complete at retracement levels of 0.50 or 0.618 which comes to 29000.00 below levels as marked in a green rectangle on chart where a corrective pattern A,B,C most likely to complete harmonically.
This is just a prediction and not a view to take any position in market. Its purely academic in nature and once should consult his/her financial advisor before taking any action into live markets. View may change from negative to positive based on the change in fundamentals anytime. Current prevailing situations are not good for Banks & Financials so a downfall expectation is a personal view. Investment in Share, Futures & Options are subject to market risk. Risk involved here is the risk of capital involved. Stay safe. Keep Learning. Thank You
This is just a prediction and not a view to take any position in market. Its purely academic in nature and once should consult his/her financial advisor before taking any action into live markets. View may change from negative to positive based on the change in fundamentals anytime. Current prevailing situations are not good for Banks & Financials so a downfall expectation is a personal view. Investment in Share, Futures & Options are subject to market risk. Risk involved here is the risk of capital involved. Stay safe. Keep Learning. Thank You