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

NSE:NIFTY   Nifty 50 Index
511 17
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, CMT
India Regional Manager
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
u too n last point i m careful about dow n s&p markets breached their symmetrical trianles n anytime they can crash what u say abt crash looking or not
Yaa- Something is expected to happen-they are too waiting to give clues about the election results.
thankss for ur valuable advice
Welcome- Have a lovely Night & Sweet Dreams
pls ive bank of india call option as per ur tgt should purchase or not n r u sure mkt would go in 8850-8900
Yes -this week looks that Nifty might go into 8850-8900 or may be early next week on account of Diwali- it's November 8th -U.S. Elections or just before that Market will start giving clues. Also important that gap between 8530-8570 should be intact means Nifty should not trade below 8530 but before 8530- there is 8610-8620 which could offer support to the market. Celebrate Diwali & Run Away from Markets if it struggles between 8920-8950.
bank of india can i purchase call option or not
pls tell if i try straddle theory in banknifty it is beneficial or not
I am very poor in options-so, I would be the wrong guy to suggest you about the same. There is a subject matter expert -Insider- He is a great guy - might throw some light on your query.
clapping for u ....good i m happy to see how patiently u give all answers of everyone n share ur analysis ....i totally agree with u
abhishek u r right one expert in us tv channel warned about bi sell off cming in one month n i m watching dow is not going upwards n when u seeing downfall i m thinkin in one or 2 days it will start n is it will 3 rd wave downside or not
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