BANKNIFTY trend forecasting using Elliott Wave Principle
Price has made extreme high, and impulse moves have started a correction. According to Elliott wave price confirmation, Safe traders can enter when the price breaks wave B at 40160.
Sub-wave C of wave 4 is about to complete. If price breaks wave B, It has the potential to make a new high.
At present, the price has neither made higher-lows nor sub-waves of wave 5. If the trader wants an early entry with a small stop-loss, traders must wait for wave ((2)) sub-wave of wave 5.
The common retracement of wave '2' is 61.8%, and wave '2' never overlaps the starting point of wave ((1)).
If the bank nifty starts to move downward, it will make a new leg then start marching upward.
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