The level 31000 seems almost the bottom at present, but wave (IV) is not yet completed. The up move started at today’s fag end may continue upto around 31500-31600 and then will come all the way down towards 31000 but stopping just above it, touching the trend line, to complete the wave (IV). Still BANKNIFTY cannot be predicted that much easily. Might be going higher and higher to complete wave (V). Always do your own analysis abs take trades on price action.
If goes and sustains above 31700 today (13-12-19), it may assume that wave (IV) already completed at 31000 and wave (V) in progress.