#Banknifty directions and levels for January 8th, Wednesday:
The market seems to be in the 4th consolidation wave. Yesterday’s movement supports this view.
Unless the market breaks the previous high, we can assume it is still in the consolidation phase. However, if it breaks the previous high, the trend may change. Usually, breaking the 38% Fibonacci level can push the market toward the 78% level.
based on that if the market crosses yesterday’s high, we could see it move toward the 50% to 61% Fibonacci levels. This is the key structure for the day.
Unless the market breaks the previous high, we can assume it is still in the consolidation phase. However, if it breaks the previous high, the trend may change. Usually, breaking the 38% Fibonacci level can push the market toward the 78% level.
based on that if the market crosses yesterday’s high, we could see it move toward the 50% to 61% Fibonacci levels. This is the key structure for the day.
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