Bank Nifty - Channels Basis For Waves

Channels have been basis for wave analysis. Drawing them on price data offers support & resistance offering good trading opportunities.

One such channel drawn from the bottoms of 37950 & connected with 39258 lows offered support to the opening low of 40288 as of today - 14th Sep 2022


Prices rallied sharp upside to new highs above 41600+ which is very close to upper boundary of the parallel channel.


Can this halt the price action on upside & traders get fall again is the matter of due diligence to be done from your end.


Kindly do not take this as a trading call.

Thank You.