Nifty’s Final Shakeout? Ending Diagonal May Be the Exit Clue

May 28

Nifty appears to be unfolding a WXY corrective structure:

• Wave W ended at 24,462.40
  
• Wave X bounced up to 25,079.20
  
• The current decline looks like Wave Y, forming a classic ending diagonal

Ending Diagonal Details:

• Overlapping waves with a contracting structure
  
• Final Wave 5 of the diagonal may be unfolding now
  
• Invalidation level (for stop-loss logic): 24,864.25
• If price moves above this, the wave structure is likely invalid
  

Target Zone:
Wave 5 projected to complete between
24,522.55 and 24,311.50
(using 1x to 1.618x of Wave 1 within the diagonal)

Summary:
If the diagonal plays out, a breakdown toward the green box is likely.
Above 24,864, the setup is invalid. Watch price action closely.

May 28

Trade closed manually

Update: Upon review, Wave Y was initially marked as an ending diagonal. However, proper internal 1–2–3–4–5 subwaves weren’t fully established. This is under re-evaluation and may be adjusted to reflect standard Elliott guidelines.