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
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
Comment
low made 50500Comment
wave a made low near 50343 and strong candle formation indicates start of wave BComment
wave B has resistance near 50770 if broken than expect flat correction and can move to 51000Comment
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
Comment
hit the level given 50772 finally..
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