Bank Nifty and Diagonal

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 Bank Nifty 4 hour chart


Analysis

As seen in the above chart, the index is moving in a higher highs and higher lows with negative divergence in RSI which still persists. I think either it is moving in expanding diagonal or in ending diagonal or any other corrective pattern. I believe that the first two possibilities exists here.

However, there is no reversal in the index and I think there is a possibility for the index to move higher towards new high placed at 44600-44800 levels.

From Waves perspective, prices are moving in a diagonal as expected and there is a high possibility of wave iv to be over on last trading day of the week. As prices are above the 50 SMA (blue) the bias remains positive for the index, which can take prices to the new highs.

The summation is Bank Nifty has high chances to reach near till 44600-44800 price range in coming weeks. The bias remains positive.

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