Bank Nifty was range bound all day except last 2 hours of trading where it fall 1bout 100 points. Below is hourly chart of Bank Nifty:
My assumption of ED may not be correct as wave 3 can be labelled 7 legged diametric pattern(Advance Elliott wave - Neo Wave pattern). It looks more probable pattern and hence entire pattern may be some very complex corrective pattern. The upside corrective wave (labelled as 4) looks like ABC pattern and downside wave may have started that may again take 7 legged pattern and behave similar to wave 3. In that case channel (Blue), Middle BB and Lower BB will provide Entry & Exit points. So we need to wait and watch!
Median line of Inside Pitchfork acting as strong resistance to up move and Index is again reversed from that line!
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