BankNifty Multi Time frame Analysis

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