BANKNIFTY Trend and Pattern Analysis -Long Term
Current pattern -Parallel Channel
Impulse Wave Completed (Wave E =1.618 of Wave D (near by))
unable to close above the Trend line for past three times
Correction Wave Started (This pattern valid until BN traded below 41840 level)
Long Term View:
As per my assumption BN will touch 21000 level in future
Reason:
Three point support
1) Trend line Support
2) Fib 0.5 level
3) Support Zone
Impulse Wave Completed (Wave E =1.618 of Wave D (near by))
unable to close above the Trend line for past three times
Correction Wave Started (This pattern valid until BN traded below 41840 level)
Long Term View:
As per my assumption BN will touch 21000 level in future
Reason:
Three point support
1) Trend line Support
2) Fib 0.5 level
3) Support Zone