Banknifty is now showing all signs of a longterm completed 5 waves from Mar 20 to Sep 21. The ending diagonal as wave 5 of 5 adds credibility to the structure.
What this means is that if the 38224 high is not broken we are heading to 30000 area in an A-B-C correction. One more slight maybe possible, if it does , we'll relook for a new short entry.
The downside risk is high now. Upside seems limited and not worth betting on
I have tried this wave count but, wave (4) is overlapping wave (1).
SolomonsView
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@forextidings, Hi you are right. It is suspect but I took some leeway as the top of wave 1 was an early morning freak spike. In rare situations we can allow this leeway between W1 and W4 in leveraged markets . However, the recent move calls for some relabelling but probably on the same lines as earlier with more subdivisions - but closer to a top.