in such a range with terminal implications
but without a valid "sell" trigger.
Ending diagonals take a wedge shape within two converging lines, with each subwave subdividing into a "three".
" A rising ending diagonal", as is the case here with Nifty, is usually followed by a sharp decline retracing atleast back to the level from which it began and typically much further.
It appears to be in the middle path of "d" or "4th" wave of that diagonal. If resisted @ 5290-5310, it is expected to move down towards 5160 and then make the last upmove to end this pattern. Alternatively, if the "d/4" is already done, it may continue to move up to 5320++ and end it. Remember., this is a pattern in the making and market can behave differently and when it does so, we will take note and act accordingly.
3 comments:
Hello sir ILANGO,
Some i am explaine abt bank nifty EW pattern with sown table
wave 1 3314 to 7711 (up move)
wave 2 7711 to 6393 (down move)
wave 3 6393 to 7720 (up move)
wave 4 7720 to 6988 (dowm nove)
wave 5 6988 to 9630 (up move)
{wave 5 is explosive move in nature}
so now bank nifty in down ABC MOVE . so now we r sitting in short side or not?
sir am i right or wrong? plz explaine in yr stock wealth blog with ELLIOTT WAVE PATTERN wahts fact ?
Dear Ilango,
Thanks a lot.In this pattern "D/4"looks already done,NF O.I.and Call O.I.are shading and Put O.I.are rapidly increasing day by day as expiry is coming closer and closer.Particularly Between 5000 to 5400 strike price. Let us see.
MONDAY, JAN 18 Holiday.
United States - Martin Luther King, Jr. Day
There will be no cues from U.S.Market tomorrow.
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