BANKNIFTY NEXT WEEKL 1st AUGUST, ELLIOT WAVE & TREND ANALYSIS

Price almost traded in between 37200....38000 for 4 days as we expected last week. if price immediately breaks 3800 level on monday price can move above 388000 level in next 5 days trading sessions. But friday we saw price rejection from upper levels , so i am expecting a small correction of price till 0.38 of fib level.

If we analyse according to Elliot wave theory , currently price is in third wave , if price breaks 37100 support , we can expect little correction till 36200 in next trading sessions.