BANKNIFTY CORRECTIVE RALLY OR IMPULSE
Based on the chart analysis, the following observations can be made:
A double correction in the form of a wxy pattern was completed near the price level of 49,650 on August 14, 2024.
Subsequently, Wave 1, consisting of five subdivisions, was completed.
Wave 2 concluded on September 9, 2024, at a price level of 50,370.
A smaller degree five-wave pattern was completed on September 11, 2024, with a price level of 51,420.
Currently, it appears that we are in the third wave on a smaller time frame, with support at 51,754. Given the current trajectory, the price level of 52,639 may be achieved soon.
Disclaimer: This analysis is based on historical price data and technical patterns and is for informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any securities. Please consult with a financial advisor before making any investment decisions.
Regards
A double correction in the form of a wxy pattern was completed near the price level of 49,650 on August 14, 2024.
Subsequently, Wave 1, consisting of five subdivisions, was completed.
Wave 2 concluded on September 9, 2024, at a price level of 50,370.
A smaller degree five-wave pattern was completed on September 11, 2024, with a price level of 51,420.
Currently, it appears that we are in the third wave on a smaller time frame, with support at 51,754. Given the current trajectory, the price level of 52,639 may be achieved soon.
Disclaimer: This analysis is based on historical price data and technical patterns and is for informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any securities. Please consult with a financial advisor before making any investment decisions.
Regards
Note
It hit the target of 3rd
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