Letter in green:highest degree Letter in yellow:lower degree then in green Letter in white:lower degree then in yellow Letter in blue:lower degree then in white.
!st scenario:Neutral triangle
As per neutral triangle wave B(yellow),we are in wave c(green),sub-wave b(yellow),sub-wave e(white),sub-wave g(blue).
Minimum target for wave g in blue is coming at 17300,which is not far from current levels hence long's should be protected with stop-losses as post wave g(green) we can see wave c(yellow) unfolding on the down side taking price to 16400-16200 levels.One should look for following things to enter on the short side
1)Price rejection near upper channel line 2)reversal candle near upper channel line 3)price breaking reversal candle low's and 9 day ema in the following candle 4)Overbought momentum indicator readings.
Stop-loss can be highest pivot high that is ragistered once above criteria are matched.
Disclaimer:This are my personal views on index and no position should be build or exited on its basis.I am posting this just for my future reference.
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Scenario 2:wave b(yellow)taking a form of diametric.
In this case also we are in wave c(green),sub-wave b(yellow),sub-wave e(white),sub-wave g(blue).
Once wave e(white) is done we can expect drop in the form of wave f(white) followed by rise in the form of wave g(white) which would then mark end of wave b(yellow) to start wave c(yellow).
In this case also from 17300 levels we can expect dip till 17000,one should look for above mentioned criteria to be ful-filled for initiating shorts with pivot high as stop-loss and 17000-17050 as target.