While the Elliott Waves are hinting at wave 5 going high, other indicators are rather bearish. The daily and weekly charts, so far carry signs of a significant fall, whose date is not clear. Longer it takes, sharper may be the fall.
@sanketsudan, I expect, the fall may complete in 1-2 days and then strong up-trend. In both wave 4 is expanded correction and double-three correction, so it is very clear that next move is up-trend. Also Banknifty need to move bigger to reach all time high.
@dhinesh_kumar, I agree with you and that is what I have stated above. I have been trying to understand other indicators also. While I did not go in that much detail (specifically the Elliott Waves, being rather a beginner), but other indicators were clear about the fall. The daily and weekly charts are turning bad, or so it seems at the present. The aim of all this learning is primarily to benefit monetarily - whether it be Elliott Waves or any other indicator. Hence my two bits worth.