A cup has formed on nifty on a weekly time frame. I do not have the knowledge or the experience currently to predict if it will form a parallel handle or a downward looking handle or a smaller cup. This also contradicts my earlier post where I had mapped the Elliot wave and projected a correction from the current levels. Please do give feedback. This is for my self learning and not a trade recommendation of any manner. If you chose to trade using this information, please do it at your own risk.
@TDXPRIME, if I over lay this with my Elliot wave analysis, then we are looking at a fall of 400-500 points. The 1/3 handle of this pattern is approx 500 points which also should make correction wave A in Elliot.
UnknownUnicorn22711483
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@samratkakkar, cup has itself given breakout i guess
samratkakkar
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Yeh. SGX has risen on Friday. FII are net long on the market. Long future positions.