So this is how the labelling is done on a daily chart of Bank Nifty Future. As you can see what I believe is that the recent correction is Flat in Wave 4 and so far we have completed Wave 3 and now we might be going for 5th wave rally.
Wave 4 retraced around 0.236 and within this Wave 4 sub-wave b retraced more than 0.786 whereas sub-wave c extended exactly 175% of sub-wave a.
Considering the Fibo cluster i.e. Wave 4 retraced 0.236 and sub-wave c within Wave 4 extended exactly 175% it might be reasonable to assume that Wave 4 correction might be over.
We expect the levels around 41000-42000 as Wave 5 TGT. The invalidation (Stop Loss) is mentioned on the image itself.
Wave 4 retraced around 0.236 and within this Wave 4 sub-wave b retraced more than 0.786 whereas sub-wave c extended exactly 175% of sub-wave a.
Considering the Fibo cluster i.e. Wave 4 retraced 0.236 and sub-wave c within Wave 4 extended exactly 175% it might be reasonable to assume that Wave 4 correction might be over.
We expect the levels around 41000-42000 as Wave 5 TGT. The invalidation (Stop Loss) is mentioned on the image itself.
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