*It's a seven legged Elliot / Neo wave corrective pattern *Wave A=G,B=F,C=E.wave D is connector. *Wave B takes less time then wave A took to form,and can correct wave A by more then 61.8%.
#Reasons for not considering this entire swing as an impulse/triangle move
*Wave B has retraced wave A more then 61.8%(In an impulse as per Neo wave , wave 2 does not retrace wave 1 by more then 61.8%) *Wave B took less time then wave A took to form.(In an impulse as per Neo wave , wave 2 takes more time then wave 1 took to form) *Wave C has not extended wave A by 161.8%.(In an impulse as per Neo wave ,either wave 3 or wave 5 extend's wave 1 by 161.8%) *Wave D enter's wave A territory.(Here it doesn't)
#Findings/Analysis of this pattern
*currently we are in 5th leg of this 7 leg's pattern.Price wise pattern has achieved wave E has achieved it's 100% extention target of wave C,hence going forward we can expect a downward movement of price in the form of wave F till 18165(100% extention target of wave B).Post wave F we can expect another move on the upside in the form of wave G(final leg of the pattern) which can take price in between 18690-18990,post which we can expect price to drop till 17300-17350 depending upon where wave G ends as per post pattern implication of Diametric pattern.
#Possible Action that can be taken as a trader as per current scenario.
*One should start exiting long's in part's if not fully exiting there long's. *Should wait for wave G to complete post which one can go short on the faster retracement of wave F's low.
PS:Price path discribed here is an ideal path discribed in books as per Neo wave .Reality can defer.
Disclaimer:Trade should not be taken solely on the basis of this analysis.Posting this just for my future reference.
@Hiteshbhardwaj, check my previous post on bank nifty time cycles
Hiteshbhardwaj
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nice sir ji and give some training one 2 one i very help full to you if you agree i share id you are send request
UNDERDOG-29
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@Hiteshbhardwaj, you can message me if you are facing difficulties understanding an concept related to elliot/neo wave.i dont provide face to face coaching as i am also still learning.