Nifty has crossed the trend line of the diogonal. next important level 22522. remember if crosses above 22600 the diogonal structure will be nagated. where the 3 rd wave will be shortest than 1st and 5th wave and upside will be open to more than 22700. As such looking at the overall structure starting from october23 nifty target above 22522 comes to 22750. do like this post if it helps you follow me to get updates.
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3 rd wave can not be shortest in a dional,so 5 th wave should not exceed 22594.
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nifty future closing price was 22552.Now gift nifty is trading at 22686.So difference is around 130 points.Nifty closing price was 22493.Hence there is likely gap up on monday if this is maintained.To what level??Bears are trapped .Above 22590 the wave 3 of the diogonal will be shortest which should not be.That will negate the diogonal or rising wedge what ever you may call it.
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invalidation in Gift nifty.wave 1 and 5 are larger than wave 3.
@bijoy2526, no no.. you said 5th cannot exceed 22595 and cant be longer than 3rd... so after 5th wave correction can start ?
bijoy2526
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@Parasuram, maximum possibility of 5 th wave can n't exceed 22595,if it exceeds the 3 rd wave will be shortest.As 1 wave is already larger than 3 rd wave.
Parasuram
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@bijoy2526, i understood those parameters of diagonal.. in that case since it is 5 and(5). will it be a short term top below 22595 was my question... !
bijoy2526
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@Parasuram, I had written indirectly.above 22595 the structure will no longer be diogonal.so short term target below 22595 not possible to predict.