I visualized your clearly yesterday (5)wave as a target from Major Channe l 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 chart. From TimeCycle, we are really very near to close pattern and Wave.
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...
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.