Bank Nifty bounced back from 17850 level (Today's Low was 17830). Below is hourly chart of Bank Nifty:
Either Wave 4(D) is completed at 17830 and wave 4(E) is in progress OR wave 5(A) is completed at yesterday's low of 17844 and wave 5(B) is in progress. The speed at which waves are completed raise doubt in my mind about it being wave 5. They are more likely part of wave 4.
The Index is moving within channel as shown below and it may provide guidance for possible movement in case of altogether different kind of wave than I am identifying(assuming).
Inside pitch fork on different coordinates are providing guidance on support and resistance.
Right now it looks very complex corrective wave structure. So we need to wait and watch till clarity emerge on chart pattern.
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