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Bank Nifty EOD Jan 2, 2017 Update

Bank Nifty sharply reversed from strong resistance zone of 18250. below is 15 min chart of Bank Nifty:
From 18250 level Index fell almost 400 points (today's Low was 17845, high was 18248). Either wave 4-(D) is in progress (Assuming wave 4 is forming triangle pattern) OR wave 5 down is started. More clarity will emerge tomorrow. Hourly chart shows after correction of down move, Index again faced resistance at lower line of channel within which 4th wave moved for last 5 trading days. If wave 4 is still in progress then we may see Index bounced back from 17850 level or if wave 5 is started then further down move can continue.
The new year started with big down move for bank Nifty. We may see volatile moves in the month of January before earning season kicks off!
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