Expanded Flat or Irregular Correction Identification Education

Nifty Bank IndexNSE

Description

⋅ Sep 17, 2021 7:15 PM

Most common found pattern. Its temporary pause to extended rally.

Key to identify this pattern is rejection after breaking wave A start.

Always look for very smaller margin rise above start of wave A.
C wave is sharp fall to reach 0.382 Fibonacci retracement of rally.

All other details explained in chart. Comment your doubts.

Comments

venkat22099

⋅ Sep 18, 2021 11:22 AM

Hi This is Venkat. How you calculated the minimum up move and chance of extension. I am unable to get that. Please explain.

Thanks.

Niftydirection

⋅ Sep 18, 2021 2:59 PM

@venkat22099, plotted fibonacci extension tool where you need to select 3 points. Point one start of wave 1 then end of wave 3 and lastly wave end of wave 4.

Then it gives 0.618 extension minimum target.

vinaypatel1981

⋅ Sep 18, 2021 1:16 AM

Good Analysis