That Down Move from top doesnt look impulse or Convincing Leading Daigoanl..... It mostly fits into Wave C Ending diagonal .....Part of Larger Expanded flat .
All Bearish Patterns Developing & Each has its own invalidation points.. First H & S Finished its target.. Second Rounding Top Developed With Support At 7900 Third Larger H & S Developing ... All Three charts posted.
H & S Completed , Now Probably Running Bottom On Larger Picture
Kindly analyse on your own ..... Few Clarifications .... If Wave 1 is Diagonal Then Wave 5 is Not . So ,Wave 5 Can be wave 1 of wave 3 ,Thats most suitable. Or This is Just A Zigzag combination correction. 995 Resistance (Above that you can give a thought that this correction is finished ). Downtrend il continue untill its inside this channel,Every bounce at...
Nifty Facing Resistance Near Upper Falling Channel Line .....It Can Either Retrace Lower trendline & Move Above 8600 Or Can bounce from fib retracement levels. Rally From 8600 is not an completed impulse as of now,But it can either move up as Impulse of zigzag family pattern,If Zigzag then it may retrace till 8950 Or If impulse then can go well above 9000 ,You can...
Rally From 8000 Till 8600 Can be Form Of Impulse (Pending) Or ABC Zigzag ,If we take out 8600 ,Now It Can Bounce back from any of fib retracement levels (of 8000 to 8600) to take out 8600 Or Can Even touch falling lower trendline & bounce back.Then Probably Next Could be Till 8900 Again As Zigzag Family Pattern Or May We il move Above All Time Highs As Impulse...
WXY - RUNNING TRIANGLE - WXY Second WXY is 161.8 % Of First Complex Zigzag (WXY) 0
This is one Probable Pattern . (If Wave 4 Finished,Then We Are Heading Down As Wave 5) Next Chart Follows
This Downward channel has many alternatives & Can Even turn into bearish impulse,Untill 8550 Spot is Taken out. Lets Assume its WXY finished at 8400, Whether it il turn into 1 more complex Wave Z needs to be watched. Red Alternate is another Wave count which is possible,But to avoid unwanted mess,Not into it much.