I am not going to write here everything but you can ask in comment section if you have any query.
Let's take one look for the big picture.
Primary trend is up and strong.
On this stock, the timeCycle offers much accurate use.
As per the timeCycle, this is a perfect time short this stock 593.55 nearby. The price is...
Long term tight channel since 2016.
3 excesses at the value and one excess at value low.
5 waves are completed.
A previous Resistance and Wave(3) at 28227(can be upcoming support).
50 days moving average is at 28080 nearby (too far for work as support).
Measurement of all falls mentioned in the chart, as per this measurement expected current until 13th Aug...
I visualized your clearly yesterday (5)wave as a target from Major Channel if you don't forget it.
Overlapping, and (5th) leg both are a sign of the big move. We can analyze the correct direct due to the live market from a higher timeFrame. I will update here direction and...
Channel (i) and Channel (ii) was represented at support or at value low. Axis bank created an excess in both channels which good opportunity to buy 741 nearby with stop loss of 730 below of candle closing base. Target is 766 nearby at control price.
TimeCycle (2) is also going to positive.
If there is not anything -ve on this stock, Support will be compelling...
The rally from ~7950 to ~8950 has taken 50 bars / 75 days and the fall from ~8,950 to ~8,000 is in equal time cycle. Relative Strength Index is trading at 2016 lows suggesting reversal on cards.
I am expecting the reversal to take place either today or tomorrow.
The setup would fail if Nifty closes below 7,900. The major trend change level would be only above 8,600.