BankNifty Multi Time frame Analysis BANKNIFTY INDEX FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT) NSE:BANKNIFTY1! RiderTrader Wave 0 = 40295 Wave 1 = 39051 Wave 2 = 39719 Wave 3 = 36682 Wave 4 = 37845 Wave 5 Possibility = 36075 Reasoning, Wave 4 has retraced to 0.382 levels on the Fib I personally feel Wave 4 would be flatter than Wave 2 due to the law to alternation For a short term entry , 37406 is a strong support being another Fib drawn from from 19th April 2021 low to ATH meet furthermore, Its safer to initiate an entry after it has broken 37298 as there has been a cluster of candles prior creating a strong resistance/support Immediate targets would be T1 = 37138 T2 = 36696 The range between T1 and T2 is a strong pivotal range which can be seen on the daily chart and 22nd Nov low and 23rd Nov low meet there On the long term trend Wave 5 is to end at 36075 , At this point The fib retracement drawn from 19th April 2021 and 0.618 Fib Extension meet , furthermore the next pivotal range also starts there These congruence of numbers make a support or resistance more strong