Nifty Private Bank index breaks support

The Private bank index broke the January low ahead of the Bank's nifty intraday today. Is this a lead indication that the next wave is down? I would like to think so. It would be wave C or 3 down for the bank nifty if proven true. The bank indices are below the moving averages already and the Nifty is testing the 20dma today. 45 mins to close the session.