7th August Bank Nifty

Elliot wave. Bold/Experimental idea. You can try shorting (buying in the money PE) with 1-2 lots using the correct Pivot as per your intuition. Once BNf goes down below Pivot 4, a put option can give you 100 points profit in terms of option premium.
If BNf goes above Pivot 1, the Elliot wave does not hold true. 5th wave wont happen with proper momentum.