Banknifty opened the gap down and continued down move till Gann No 18300(18307). Then consolidated in the range of 18500-18300, making low at 18287. It upheld support of Gann no 18300 and made good up-move towards Gann No 19000 from where it came to 18300. So this Gann No game is on.
Actually, Banknifty is following Gann No series very well.
The "Ending Diagonal" pattern I thought wave "C" of A-B-C correction made, did not look so and today's up-move and now up-move expected due to Economic Package changes the view of the pattern.
The possibility of whole corrective turning out to be a Diametric pattern (a concept from Neo Wave - Advance Elliott Wave - I have no expertise in it, but aware of such patterns) of the "Bow Tie" shape looks more probable. It is a 7-leg pattern wave a-to-g and where wave 'a' will be equal with wave 'g' in time and price.
So I projected up-move in wave g equal to wave a (5346 points). So let's see where it goes. The 61.8% -78.6% projection range is 21600-22500. So we can expect minimum these levels for wave g. Wave a took 4 trading days including low made on Mar-24. So let's see we get these levels in the next 3 trading sessions.
Actually, Banknifty is following Gann No series very well.
The possibility of whole corrective turning out to be a Diametric pattern (a concept from Neo Wave - Advance Elliott Wave - I have no expertise in it, but aware of such patterns) of the "Bow Tie" shape looks more probable. It is a 7-leg pattern wave a-to-g and where wave 'a' will be equal with wave 'g' in time and price.
So I projected up-move in wave g equal to wave a (5346 points). So let's see where it goes. The 61.8% -78.6% projection range is 21600-22500. So we can expect minimum these levels for wave g. Wave a took 4 trading days including low made on Mar-24. So let's see we get these levels in the next 3 trading sessions.
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