Bank Nifty completed its five-wave rise with Wave 5 ending exactly at the 100% Fibonacci extension of Wave 1, a classic termination level when Wave 3 is extended.
Inside this zone, price printed a Hanging Man followed by a bearish confirmation candle. The confirmation is not strong, but together with the Fibonacci symmetry at the Wave-5 target, it reflects clear exhaustion.
A corrective phase from this region is reasonable.
A strong reclaim above the recent high would invalidate the exhaustion and reopen the upside.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Inside this zone, price printed a Hanging Man followed by a bearish confirmation candle. The confirmation is not strong, but together with the Fibonacci symmetry at the Wave-5 target, it reflects clear exhaustion.
A corrective phase from this region is reasonable.
A strong reclaim above the recent high would invalidate the exhaustion and reopen the upside.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.