Nifty-What A Crack 17600 to 17260-What Next ?-Ending Diagonal In old school method or traditional technical analysis pattern which rises & are messy in nature are called “wedge”.
In Elliott Wave analysis we call it “Ending diagonal or Type-2 diagonal” which ends the current trend. Both terms imply the same thing – reversal ahead or next.
Index has been in uptrend since key support 17260 which was suggested as Part -B plan in the last idea - "Leading Diagonal or Type-1 diagonal"
The Sharp Fall from 17600 to 17260 & later bounce upside from 17260 was amazing moves for Index Nifty on Budget Day - 1st Feb 2022 & discussed over the last idea.
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Trading Strategy
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Plan A - Sell Below 17730 / Should fall below 17700 as well for confirmation.
Target 1- 17525
Target 2 - 17245
Target 3 - 17075 if fall continues below 17245
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Last Idea - Leading Diagonal or Type-1 Diagonal
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