Banknifty opened at the resistance of (3) wave 27701 nearby which is at value high. This resistance pushes it toward the control value at 27463(gravitating) and (4rth) wave at value low. Looking at it seems that short declining wave can start for the target.
Above all levels are for a spot.
Channel Breakout Trading-Break and Retest Support
1.Price broke the Parallel channel on 45 Minute Chart
2. Daily trend is down
3.Price has resisted from daily channel resistance
4.Price has next support 335
5. Risk Reward 1:3
Sell at 358-360
If we ignore the RESPONSIVE result and initiative move, We get the Channel. As per channel, Final support 70 points far from current trading value. But in the meantime, previously acted 10916 support. Channel Support is at 10871 nearby.
The price is attracting toward the Gravitating Value side, which is already drawn by "a", "b" and "c". In the short time of period, how and why price again coming("d")?
At the "d" point, we've got DOJI(price rejection).
x,y, and z are the demand area from where price bounce to the upside.
The following scenario can be considerable,
1) If a price is moving...