BANKNIFTY: Elliott Wave Analysis

BANKNIFTY counting using Elliott Wave theory is done from 13th January.
We can see FLART- ZIGZAG- ZIGZAG CORRECTION marked in the chart.
The top made on 6th February is marked as wave (W) because it has 3 moves in it.
The fall after that was sharp and fast. This is the characteristic of wave (X).
Now, according to my analysis price is standing on wave (B) of wave (Y).
and as per previous observations, wave (Y) always crosses the top of wave (W), so we can expect it to go up to 100% extension.

This not any buying or selling recommendation.
This analysis is based on Elliott Wave theory and Fibonacci.
For educational purpose only.