Nifty is forming Harmonic Bat Pattern, the completion at point D is expected at 9384. Further 23.6% retracement of the move from lows of 26-Dec-16 is at 9282. So the pattern will complete between 9384 – 9282. Third leg of Elliot wave completed at 9472. Leg 1 and 3 are of 135 points approx and leg 4 is going on. So final leg 5 is remaining which would complete the Bat Pattern near 9384.
Comment:
4th leg of Elliot wave completed. Now Nifty going to dive for 9400 - 9384 target.
Comment:
The Harmonic BAT pattern is being played out to its perfection. The estimated end point of the down move is 9385. Nifty is likely to bounce from the 'D' point wait for confirmation. Important support thereafter is at 9284 which is 23.6% of retracement of previous upmove from 7893.