🔷 Overall Structure
BankNifty continues to move inside the rising parallel channel, following a clean impulsive pattern. The larger count remains bullish as long as the price holds above the mid-channel support.
Three sub-wave scenarios exist, but all converge toward a bullish continuation unless major supports break.
🟩 PRIMARY BULLISH COUNT (Preferred)
Wave (3) in progress
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Wave (1) and (2) completed clearly
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Current rise fits Wave (3) internal structure
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As long as price stays above 58,520–57,628, this remains the highest-probability path
Upside Levels for Wave (3):
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62,300
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63,471
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67,351 (major Wave-3 completion zone)
🟦 EXTENDED WAVE 3 SCENARIO
If the trend accelerates:
Targets expand to:
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71,011 – 73,354 (higher fib cluster)
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This zone aligns with upper channel and typical 1.618 extension of Wave 1
🟧 LARGER WAVE (5) PROJECTION
Long-term channel + fib supports:
Final Wave (5) zone:
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80,893 – 83,382
This region is where the entire 5-wave structure can complete.
🔻 CORRECTION SCENARIO (Healthy Pullback Only)
A corrective dip remains valid above 57,600.
Watch these levels:
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58,520 (first demand)
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57,628 (strong support)
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57,355 (lower channel retest)
Only below 55,977 the wave count shifts into a deeper corrective mode.
📌 Momentum
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RSI cooling down but still respects trendline
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No major bearish divergence on the higher TF
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Consolidation expected before next leg up
🎯 Summary
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Trend intact above 58,520
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Breakout above 60,114–60,121 resumes bullish move
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Targets ahead → 62,300 → 63,471 → 67,351 → 71,011/73,354 → 80,893+
⚠️ DISCLAIMER
This is only educational charting based on Elliott Wave structure. Not financial advice.
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