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.
great analysis
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.