Another round of correction on the way

HDFC Bank CMP 1769

I had posted previously how this stock has turned negative on higher time frame charts. Now it is set on the daily charts as well.

Elliott- The first correction from the highs is a bullish zig zag. It is followed by another corrective pattern which is a bearish zig zag. Hence a fresh three wave fall ABC should begin from here.

Fibs- the current zone and the next at 1769 are both fib confluence zones and hence strong resistance.

Channel - the stock is also at channel resistance as well.

Conclusion - In my view it will break the 1600 zone this time around.