Nifty Bank IndexLong
Bank Nifty: Bullish - short term target@47320
Updated
From Elliott wave principle it is identified Zig Zag correction ended at price 44444 and started forming leading diagonal pattern an impulsive price action labeled as Wave (1)/ Wave(A) now
this wave also retraced by corrective price action of Zig Zag contained with in the parallel price channel labeled as Wave (2)/ Wave(B).
Price on break above this parallel price channel price could project to a Fibonacci level of 100% target at price @ 47320
If price move above this level next target could be @ 48260 at Fib Level of 1.382%
Next Target could be Fib level of 1.618% Price @ 48840
this wave also retraced by corrective price action of Zig Zag contained with in the parallel price channel labeled as Wave (2)/ Wave(B).
Price on break above this parallel price channel price could project to a Fibonacci level of 100% target at price @ 47320
If price move above this level next target could be @ 48260 at Fib Level of 1.382%
Next Target could be Fib level of 1.618% Price @ 48840
Trade closed: target reached
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