Timeframe: 2h
In our previous idea, we discussed that the breakout of the correction was just the starting point of an impulse. Price formed a new all-time high. Banknifty is looking strong outside of the channel because it is trading above 20/50/100/200 EMA.
Price recently experienced a decline, dropping from its high of 45655 to 44663.05 (-2.15%). According to the wave principle, there is still one more upward move remaining, which could potentially reach a target of 46000. Traders can use the reverse Fibonacci levels of the previous sub-wave (3) to (4) to set targets after the breakout of the corrective channel. These targets include 45320 – 45655 – 46124+
We will update further information soon.
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Excellent analysis of bank nifty by Elliott wave, I have been seaing this portal from last one month your forcast is like GPS of bank nifty