Bank Nifty: Impulse on the way?

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Bank Nifty (Daily Chart)

Bank Nifty witnessed a counter trend after a steep fall last year. However, the current counter trend is on the brink to complete. The trend has arrived near 80% retracement of the previous fall (28388-24240), It is also been observed that a bearish pattern is in making near the resistance. RSI on daily is exhibiting negative divergence.

As per wave theory, I have marked wave a at 24240 and wave b which is on going. In wave wave b, which is a three wave structure (a-b-c) within which we can see ending diagonal pattern, occurring in wave c of wave b. Completion of wave ii will open wave iii downside which will be steep and highly volatile.

Conclusion: Prices are near resistance, a move below 26900 will start a steep move downside dragging it lower till 24000 and further lower.

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