Diametric pattern – Understanding Nifty medium term pattern by applying the concept of Advanced Elliott wave – Neo wave theory to forecast the next trend.
As shown on daily chart, prices are forming a Diametric pattern. This pattern is recognised in Neo wave as a 7 legged correction labelled as a-b-c-c-d-e-f-g and can take a form of either Bow Tie structure or a...
As per diametric pattern nifty is at matured stages of this Rally which started from wave f lows.
Now my advice is to Avoid FOMO.
The fall post wave g can be either wave x or start of a bigger downside trend.
The speed of the fall and how violent the reversal is will confirm if a bigger degree downtrend has started.
For us, staying cautious and prepared is...
This is How I try to learn to catch Tops and bottom, Market is like an "Infinite Sea"- full of earnings & looses.. but beauty of this sea is that it behaves in a systematic manner like a nature which is very well explained in Elliot Wave theory and Neo Wave theory .
A good entry and exit always gives u maximum return and vice versa for that u really need to...
HI,
Seems we have entered a bear market / CORRECTION .. ending diagonals formed at top of 18350 levels in from of wave (b),
also diametric diamond pattern (ABCDEFG) completed upto 17639 levels in from of neowave completing "B" of higher degree.
now we are in C wave which is probably forming expanding wedge pattern..
lets see how it shape ups...
i am...
banknifty breakdown from the rising wedge
and now previous gap area 35350--35730 became strong resistance
immediate support near 34945
if broken 34945 than will slip to 34600
banknifty sell on rise
diametric pattern is 7 leg pattern...abcdefg waves... in which range slowly contracting within 36300--35700
of which it seems banknifty completed legs upto 'f' wave
and now going for 'g' wave..
