For Banknifty, Where is resistance?

Jan 4, 2022

A five-wave decline in the BANK NIFTY, from 41830(Oct.) to 34019(Dec.) is complete. The 34019 low is wave A (red) of a larger five-wave decline. The 2h range chart shows that wave B (red) took the form of a double zigzag pattern, carrying to meet the top (A=0.618 B) 38660. The previous 37385 resistance zone can again react as resistance. Currently, everything are positive on the day before and the day after, but wave ((5)) (circle) of C(green) of B(red) can be labeled.

As those familiar with the Wave Counting model know, the B(corrective) wave in a downtrend is a counter-trend price move. In other words, it's up. When wave B(red) is complete, wave C(red) down follows.

Jan 5, 2022

Trade active

Where is my critical Resistance on Bank Nifty?
A (Red)=0.618 B (38660), I would not want to see the prices cross and close above 61.8% ratio that is wave 1(green) at 38426 nearby of A (red) and comes into play as resistance the previous swing high 37581(Wave 4 green) nearby.

OR


A five-wave decline in the BANK NIFTY , from 41830(Oct.) to 34019(Dec.) is complete. The 34019 low is wave A (red) of a larger five-wave decline. The 2h range chart shows that wave B (red) took the form of a double zigzag pattern, carrying to meet the top (W=0.618 Y) 38660. The previous 37385 resistance zone can again react as resistance. Currently, everything are positive on the day before and the day after, but wave ((Y)) (circle) of C(green) of B(red) can be labeled.

As those familiar with the Wave Counting model know, the B(corrective) wave in a downtrend is a counter-trend price move. In other words, it's up. When wave B(red) is complete, wave C(red) down follows.