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Bank Nifty for Week starting Jan 2, 2017

Bank Nifty Daily chart is shown below: 
Last week I mentioned about possible downside targets of 17600/17000. Bank Nifty reached 17600 level(17607) and bounced back. It seems wave 3 of the Ending Diagonal(ED) is completed at 18607(The possibility of ED is still valid). Right now wave 4 of ED is either completed at 18245 or it may take shape of triangle. In that case one down and one up leg of 4 is still pending as shown below in hourly chart.
Post completion of wave 4, Bank Nifty may come down(If it is wave 4 as assumed by me) to complete wave 5 of ED to 17600 level again.

This being 17th week from Top of 20576 (Sep 7, 2016), we may see some big moves specially on Jan2/Jan5.

Inside Pitchfork again providing good guidance. Index is facing resistance at median line. Also a channel line connecting several bottoms also acting as resistance. So possibility of Index direction reversal is high from this level.

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