Banknifty spot heading to channel top...!!
Updated
In above 30 min chart of banknifty we have given elliott wave count.
Banknifty made high near 44499 and when it made high that time macd and rsi both
shown negative diversgence which given a hint of coming correction in banknifty.
This correction is started in form of wave ABC which seems completed near channel support of 43345 where macd and rsi both given a positive divergence which giving hint of correction is completed on down side and soon may resume upside move.
Currently banknifty is paused near the middle of the channel which confluences with 200sma at
43887 and important fib ratios as shown in chart.
Banknifty moving above 200sma will give boost too bulls and doors will open up for channel top
44300.
NOTE : We are assuming that correction of Wave ABC completed at 43345 and impulsive wave 1-2-3-4-5 underway of which wave 2 is on .. once completed sharp wave 3 to start (crossing of 200sma will hint the same)
Banknifty made high near 44499 and when it made high that time macd and rsi both
shown negative diversgence which given a hint of coming correction in banknifty.
This correction is started in form of wave ABC which seems completed near channel support of 43345 where macd and rsi both given a positive divergence which giving hint of correction is completed on down side and soon may resume upside move.
Currently banknifty is paused near the middle of the channel which confluences with 200sma at
43887 and important fib ratios as shown in chart.
Banknifty moving above 200sma will give boost too bulls and doors will open up for channel top
44300.
NOTE : We are assuming that correction of Wave ABC completed at 43345 and impulsive wave 1-2-3-4-5 underway of which wave 2 is on .. once completed sharp wave 3 to start (crossing of 200sma will hint the same)
Note
Wave 3 is very impulsive in nature and It has shown its power today in intraday .. banknifty crossed 200sma level very strongly..Note
we are expecting channel top of 44300 and today itself it made high near 44195Note
post our analysis banknifty moved from 43760 to 44426 ... (600+ rally)..
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