A beautiful expanding diagonal appears to be developing in the nifty from the 1st december top at 18887. The fall on the 23rd december culminates into wave 3 of the diagonal and the current weeks rally would then be wave 4. The Zigzagish behaviour of the 2 falls are clearly visible.
If correct, this rally will be subsequently fully retraced to the downside as wave 5 is the most brutal in an expanding diagonal. Friday may well mark the end of wave 4. Nifty targets of 17200 and lower possible.
If correct, this rally will be subsequently fully retraced to the downside as wave 5 is the most brutal in an expanding diagonal. Friday may well mark the end of wave 4. Nifty targets of 17200 and lower possible.
