Nifty formed today falling wedge pattern after few hours opening. This is also called ending diagonal appearing in wave 5 or C wave.
Wedge broken channel price was thrown under channel made low 15637.
Entire ABC move from 15916 completed near 15637.
Wedge had confirmed upside with 15688 breakout point.
Today it completed A wave of correction going up to 15710 then B was down to 15665
Currently C wave started expected to go towards 15808 or 0.618 Fibonacci retracement of move 15916-15637.
Move above 15770 to 15808 is expected to make price Throw Over channel.
DISCLAIMER:There is no guarantee of profits nor exceptions from losses.
Technical analysis provided on the chart is solely the personal views of my research.
You are advised to rely on your own judgments while taking any investing/Trading decisions.
Past performance is not an indicator of future returns. Investment/trading is subject to market risks.
Seek help of your financial advisors before investing/trading.
Not recommended to take FnO positions based on this analysis
I may or may not trade this analysis. Details in description.
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Wedge broken channel price was thrown under channel made low 15637.
Entire ABC move from 15916 completed near 15637.
Wedge had confirmed upside with 15688 breakout point.
Today it completed A wave of correction going up to 15710 then B was down to 15665
Currently C wave started expected to go towards 15808 or 0.618 Fibonacci retracement of move 15916-15637.
Move above 15770 to 15808 is expected to make price Throw Over channel.
DISCLAIMER:There is no guarantee of profits nor exceptions from losses.
Technical analysis provided on the chart is solely the personal views of my research.
You are advised to rely on your own judgments while taking any investing/Trading decisions.
Past performance is not an indicator of future returns. Investment/trading is subject to market risks.
Seek help of your financial advisors before investing/trading.
Not recommended to take FnO positions based on this analysis
I may or may not trade this analysis. Details in description.
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