The existence of a Triangle in an Elliottwave sense tells us many things. Typically a consolidation that results in a continuation of the previous trend. In this case, the breakout above 14900 on a closing basis would result in a sporadic rally.
Sir, From 16th Feb if i count 3-3-5 Regular Flat pattern, it ends on 25th Mar.
Then middle pattern (of 3 waves)
Now expecting a final pattern, so the entire thing will be a Combination of corrective patterns
rameesraj
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So here wave e need to complete abc down. Do we need to consider that possibility too sir?
saraltanwar
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Hello Rohit Sir,
If nifty fails to give a breakout above 14900 then what could be the possible pattern. Bank nifty has done 38% retracement and nifty barely managed to do it 20% retracement and that also if 3rd of nifty is counted from 9544.
indiacharts
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@saraltanwar, You want me to tell you that if it does not break out it will break down below 14100 and everything will crash, like you do not know that already. No I do not think so. Not yet so why bother. I do not agree with you.
saraltanwar
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@indiacharts, No Sir, I certainly do not expect a crash in nifty , i just wanted to know if there is some pattern possible which still keep it in this range , with break out on upside postponed for some time later.
indiacharts
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@saraltanwar, if I knew that I would say that. But there is no way to know some things. Dealing with the unknown is what it takes in markets. It is a probability game.
Gopal_Dhamija
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don't mind sir, but I think you must read about triangles!!
indiacharts
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@Gopal_Dhamija, Kindly suggest a book, or quote here what I need to learn
Gopal_Dhamija
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@indiacharts,
* Wave ‘C’ cannot move beyond the ending price of wave ‘A’
* Wave ‘D’ cannot move beyond the ending price of wave ‘B’
* Wave ‘E’ cannot move beyond the ending price of wave ‘C’
indiacharts
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@Gopal_Dhamija, You mean a triangle should be contracting in nature both from upside and downside, and cannot be downward slanting
Then middle pattern (of 3 waves)
Now expecting a final pattern, so the entire thing will be a Combination of corrective patterns