Banknifty in last phase of support before a major downside move.

Current levels are going to be supported for a very a short term in bank nifty. This phase may appear as trend reversal but it is not. The downside move is quit big and expected termination of top side is around 35543 price level or lesser depends on tomorrow’s market action.

This expiry trading on either side (long / short) may not be fruitful. But a big downside move expected after this which should go on till January can be expected. So consider next expiry to go short in my opinion.

So till we see a retracement candle closing above 0 .707 Fibonacci retracement levels on close of last falling daily candle stay short and avoid going long.

The above analysis is based on Elliott Analysis, harmonic retracements and based on my assessment. Please your own understanding to trade.

This is in continuation to my last posting on banknifty.