#BANKNIFTY rallying in upward breakout from Diagonal Wave A

As the chart shows, Banknifty is breaking upward in a rally as it is moving out of its downward Wedge - The Wedge is a Diagonal Triangle in Elliotwave parlance. When a correction start with a diagonal triangle, it cannot be a full correction - it is only par of it . We are now in a B wave rally of a larger A-B-C correction. One can expect a surge into the resistance areas shown by the horizontal lines. That should then lead to a large and swift downmove.

For now, there is space for a 2000 point rally before the 'surprise and shocking' fall