Bank Nifty: A RSI Perspective

In Bank Nifty, I am looking for a weekly correction that may end in 5-8 or 13 weeks(considering the up move happened between 6825 to 9000 from March to Sep 2016 – 26 weeks) that is half of the up move time: RSI which touched 81 levels when Index touched near 20600 levels, is correcting and is near 40levels. Can correct even further towards 30 levels and in case it doesn’t breach 30RSI (On 14 period RSI), I am expecting a new high on Bank Nifty post 2016 December. The Mar-Sep move resulted in 7200 points (20600-13400). From wherever the index takes support(Most probable area is around 17300 levels presently (200DEMA), I expect nearly 7500-10000 points up move, say, near 27500 levels. All are projections but very probable (despite all disbelief due to NPA-Deutsche Bank failure-CDS market uncertainties-War fears etc etc.).

The only rider and my stop levels will be based on RSI only, which is on a Daily close below 30RSI. Will be following this position constantly and expect my updates on weekends.