BankNifty Elliot Wave Analysis

Bank Nifty @ 46981.30 Alternative-2
•  As per this formation entire up move from 42105 low till high of 48636 is wave I.
•  From high of 48636 till low of 44429 is wave II & from low of 44429 wave III move started.
•  Entire up move from 44429 low till high of 48175 is a Leading Diagonal & at 48175 we got our micro wave I of 3rd & currently bank nifty is in middle of micro wave II of 3rd which should downside 46301 to 45660 spot support on closing basis & anywhere from this support zone bank nifty should move up in micro wave III of 3rd to break the ATH with force & should trap all the shorter.

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•  If this alternative is active then ICICIBANK & HDFCBANK both must need to perform and lift bank nifty up along with it should lift nifty up also. As per this alternative 1038 spot levels in ICICIBANK & 1420 spot levels in HDFCBANK Is very crucial levels to watch out because without the help of ICICIBANK & HDFCBANK this alternative view can not get active so this two banking giant should perform if this alternative is active.
•  This view fails if bank nifty closes below 46301 to 45660 spot levels.

NOTE: DO NOT TRY TO DO BOTTOM FISHING AS PER THIS ALTERNATIVES IF THIS ALTERNATIVE IS ACTIVE THEN WE WILL GET MANY CHANCE FOR RE-ENTRY SO FIRST TAKE CONFIRMATION THAT THIS ONE IS ACTIVE THEN LOOK FOR ENTRY