Elliot Wave analysis of #banknifty
# 100%-161% projection for wave (Y or 3) is placed at 36704-34600 which is the normal expected target range for
completion of wave (Y or 3), BankNifty achieved 35327 till now.
#23%-38% retracement of progress of wave (Y or 3) is placed at 36455-37152 which is a short term resistance range
and 37152 is short term upside breakeven point.
BankNifty is in the negative zone as long as trading below short term upside breakeven point 37152 and can decline
further towards 35327-32006.
Out of woods level:- 37,152 - Short Term
completion of wave (Y or 3), BankNifty achieved 35327 till now.
#23%-38% retracement of progress of wave (Y or 3) is placed at 36455-37152 which is a short term resistance range
and 37152 is short term upside breakeven point.
BankNifty is in the negative zone as long as trading below short term upside breakeven point 37152 and can decline
further towards 35327-32006.
Out of woods level:- 37,152 - Short Term
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