Moreover, according to theory, Nifty will stop climbing soon. And ABC correction will initiate from here.
Targets: 12460 - 12000 and below
Note: Selling pressure will come after a breakout of the support trendline. Don't sell above DR .
Also, it is not uncommon for wave 5 to have excess or channel overshoot, it is very likely we will see 13150 being broken for excess/overshoot.
if we have a deep impending correction, then price will stay rangebound around top for sometime so distribution phase can get complete.
the visual head & shoulder and support line everyone is talking about is a trap/con trick. it will eventually unfold as an expanding ending triangle, and 13150 being broken is a high probability.
1) the visual head and shoulder like pattern was a trap
2) price broke 13150 upside
3) price broke the channel upside trendline
4) price made a region of excess/overshoot
5) visual pattern is starting to look more and more like expanding ending diagonal triangle