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Bank Nifty EOD Jan 17 Update

Bank Nifty opened mild Gap Up but not above 19200 as expected by me. It reached 19202 level but did not sustained for even 10 min and corrected more than 200 points, recovered 100 points and finally closed at 19067. Daily and Weekly chart show confluence of channel resistance at 19200 level and Index could not breach it. Blue channel upper line that is parallel to lower line connecting several bottoms from Top of 20576 and Upper line of Brown channel along which Index moved from recent bottom of 17607 provided strong resistance together. Also weekly Middle BB line also providing resistance in that zone.
 
Index may now move towards lower line of Brown channel. 

On hourly chart, Index is again bounced from Middle BB line(as well as hourly RSI closed above support level of 59 after breaching it). Break of Middle BB line will confirm down move towards lower channel line.
For wave started at 19202, wave A or 1 is completed at18981and wave B or 2 is in progress.
Post wave B/2, Bank Nifty may move down in wave C/3 towards 18700/18650 level in next few trading sessions.
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