Banknifty direction based on elliott wave analysis

Banknifty completed 5 impulse wave up..
and now in abc corrective wave in progress..

channel support near 50650 and important Fibonacci support to look for
38% : 50659
50% : 50512
61.8% : 50188

abc corrective pattern should find support near above fib levels..
Post abc corrective pattern it will again rally ..

Time to watch post 12pm

Note

low made 50500

Note

wave a made low near 50343 and strong candle formation indicates start of wave B

Note

wave B has resistance near 50770 if broken than expect flat correction and can move to 51000

Note

till now wave B made high near 50719...
with the power of elliott wave intraday captured both moves : wave A down and Wave B up with time correction

Note

hit the level given 50772 finally..

MDstockmagic

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