Banknifty combining Elliott and wedge theory

Banknifty is repeating the wedge pattern, in confluence with Elliott waves falling exactly at the prices of support and resistance of the wedges.

The Elliott wave used here is the in-built indicator of Tradingview. According to this, the 4th wave is finished and the price is projected to break out of the upper line of the wedge for a new high at 56864 as 61.8%

As per the current price action, the price is at the support of the 2024 high, 54467.35. If it is breached, it will test the lower line of the wedge, and we will have another early buying opportunity at the support.

The RSI is still above 50; therefore, the 2024 high level is proving to be good support. No selling is suggested unless the price is trading above this support level of 54467.35.