Kinnari_Prajapati

For Banknifty, Where is resistance?

Short
NSE:BANKNIFTY   NIFTY BANK
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.
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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.