Niftydirection

Nifty Upside fading Ending diagonal at 13180

Short
NSE:NIFTY   Nifty 50 Index
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Nifty forming ending diagonal in 5th Wave and upside looks to be over.
There are two ending diagonals as you can see in chart.
Max expected upside 13180.
This analysis will be invalid if Nifty touches 13207.
On downside 12790(0.382 Fibonacci), 12550 (0.5 Fibonacci) levels expected.

One can wait for confirmation close below 12983 before touching 13207.
Comment: As you know wave iii (marked in blue) is always bigger than wave i and v. If The wave v shorter than 13206 this would have been ideal case. Nifty on opening 13216 itself violated this rule so wave v is now extended.
The marking still look legit to me best to wait for 12983 break. Good luck.