The current structure of Bank nifty seems to be following the above chart. Wave 1 seems to be a rare expanding leading diagonal.
Trade closed: target reached:
As explained in the idea the wave 3 went almost to 39703.7 which is just nearly 4 point below the projected target. But now one will have to be very cautious as market can turn any time. RSI is in overbought region. Macd also signelling weakness. Price action is also moving rangebound.
