Banknifty is showing a clear impulse pattern, the wave III has been subdividing for a while now. The buy on dips stand has paid off so far. The target for wave {C} of (B) ideally comes in the range of 12460 - 11950. The mnimum target would be the wave {A} high at 11230.
One thing I would like to clarify on the hourly chart above, is that, there can be seen big negative divergences on the hourly chart, but [rices seem to disregard it completely, and there is a valid reason for that. The reason is when a trend on a higher fractal in is force, the divergences on lower time fractals do no necessarily have the expected effect. Till such time as the higher fractals near the completion of their respective patterns all the divergence would mean is a pause, not an end to the up move.
The daily chart shows wave {C} of (B) in progress, the wave III of {C} is subdividing on ever smaller fractals, that is the "selfsame nature" as Benoit Mandelbrot put it, and Elliott pointed out way earlier. So right now I expect the up move to continue for a while, at least till 11230 is reached.
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