I think banknifty is in wave 5 of larger degree.
There are other counts possible like wave 2 become wave A and wave 3,4&5 combined becomes wave B but then also wave C is a fall to the level of wave 2.
But the probability for the count shown in the picture has more chance to happen.
Then it also looks like wedge pattern where the price might overshoot the upper line to trap buyers.
Its a longterm view so please keep this in mind.
HAPPY TRADING
There are other counts possible like wave 2 become wave A and wave 3,4&5 combined becomes wave B but then also wave C is a fall to the level of wave 2.
But the probability for the count shown in the picture has more chance to happen.
Then it also looks like wedge pattern where the price might overshoot the upper line to trap buyers.
Its a longterm view so please keep this in mind.
HAPPY TRADING
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