The critical reversal zone: 35288 – 35600
Banknifty has broken out their parallel channel, but without making support levels. As per price action, the sharp move should boomerang sharply. Bank Nifty already reached 71.8% of the reversal Fibonacci level.
If the price declines from the reversal zone, traders can short for the following targets: 34650 – 34160 – 33364. Nifty can also fall without reaching the critical range, as the price has already reached 78.6%. Price excess can be beneficial for sellers to adjust their stop loss.
I will update further information soon.
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Thank you for sharing.
Wonderful wave analysis. In your next artical if you can give some write up on how do you find trending stocks, it will help us a lot.
Thank You For The Hard Work. Cheers.