Banknifty 4Hrs Chart Analysis [Zigzag correction 5-3-5]

Zigzag Correction [5-3-5 Structure]

Rules and guideline
* Zigzags subdivides into three waves. ABC
* Wave A is always an impulse or a diagonal.
* Wave B is shorter than wave A, any type of corrective pattern or Wave B = 50%, 61.8%, 76.4% or 85.4% of wave A.
* Wave C is longer than wave B, it is always an impulse or a diagonal or Wave C = 61.8%, 100%, or 123.6% of wave A.


BANKNIFTY 4hrs Chart Analysis [5-3-5 Structure]

Wave A beginning point is 41829 and ends at 34018 or Wave A is Impulse subdivides into 12345.
Wave B is shorter than A = 0.70 % (39424) retracement of wave A and subdivides in 3 waves denoted by ABC.
Wave C Should be longer than wave B and it is always an impulse wave price is low 34991 dated 24.02.22 it is internal 3rd wave approximately 0.618% Extension of AB wave.
Present Time Price in progress in 4th wave of Wave C it may be any type of complex structure but do not cross wave B if cross wave B this structure failed.
Wave C may be 100% at 31700 or 123% 29900. this area is a cluster of weekly support of the base channel.

Disclaimer
Before Investment or Trade please guide your financial adviser this is only my view for educational purposes.
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