Nifty- Possible Running Triangle in B-Wave (Premature)

WaveTalks Updated   
NSE:NIFTY   Nifty 50 Index
From the Bottoms@8505 lows- Possibly we could be travelling into B-wave Running Triangle, which is premature to consider & an upside thrust above 8727 highs will be expected -if this turns out to be a triangle.

I will confirm a running triangle if Nifty spends some more time tomorrow between highs@8727 & lows@8650 without breaking either side- that is what a triangle always does to consume time & trap traders on both fronts.

Running Triangle is the scenario is a wild guess which will be confirmed in coming sessions -if above criteria are satisfied.

Running Triangle
Triangle always have 5 internal legs, but the difference between running triangle & normal triangle is b-wave. b- wave of the running triangle will always go beyond the origin of a-wave start -in our case a-wave of triangle started at 8699 highs & b-wave travelled till 8727.

Earlier Update-

All waves overlap from highs@8968

Look for the zone 8540-8550

Struggling between 8550-8600

Bang On Target -8500

Magical Setup of 88

Can you recognize the path?

ABC or 123 Move- Same Result-Upside

Trade active:
09:25 Hrs 24th Oct2016


Session High@8723

Going above 8727- pattern gets invalidated & above 8730 -looks bullish. But traders could really take short term sell as one had a risk of 4-5 points. Session high was 8723 & our key resistance level was 8727 as suggested earlier. Downside -it should not break 8750 -keep moving in between the range to give us confidence in the pattern suggested. Let us wait & watch the market drama.
Trade active:
09:27 Hrs 24th oct2016

Downside it should not break 8650 -typing error above
Trade active:
09:40 Hrs 24th Oct2016


Session Low@8685

Vow -This first fall from close to 8727 keeps the hope alive that is some kind of triangular pattern.
Keep a note as stated above -Nifty should not go below 8650 -key support & taking buying opportunity close to that level shall be advisable. Make sure it should not travel below 8650 Then going above 8727-8730 -It will move up.
Trade active:
11:45 Hrs 24th Oct2016


As expected, nifty is spending time in the zone, so likely if we see nifty travelling in the zone 8660-8670 that will be a good buying zone, but as suggested it should not break 8650 - if it breaks, then we have 8630 as another level- which I will be interested to see as support for any future buying opportunity.

Going below 8630 -we will avoid taking any long positions.

Best Regards,
Abhishek H. Singh
​Growth Director - TradingView India

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