Get started
NEoWave-Academy

Nifty 50 is forming diametric pattern

Long
Nifty 50 Index (NSE:NIFTY)  
NEoWave-Academy Updated   
NSE:NIFTY   Nifty 50 Index
Trend Analysis Wave Analysis neowaveanalysis niftytradesetup elliottwavesanalysis bullishpattern
5
0
trendanalysis waveanalysis neowaveanalysis niftytradesetup elliottwavesanalysis bullishpattern
Nifty 50 seems to be forming a diametric pattern which is targeting 20708.

Currently wave (e) is being completed and after that we have to wait for a decrease of almost 2% in the form of wave f and the upward trend of Nifty 50 will start again.
Comment:
Wave F expanded a little and returned exactly from the ratio of 161.8% of Wave B. If we see a strong bullish candle, we can consider 1943 as the end of wave F
Comment:
The F wave moved slightly more than expected from the diametric pattern but did not breach the diametric pattern and Nifty is moving towards the targets. A little change has been made in Nifty channeling and targets. The targets can be 20293 and if this number is crossed, we can expect to move up to the range of 21110-21605.
Comment:
Nifty almost reached our target. And then the fall started. If the support of 19216 is crossed, we can expect to reach the range of 18660-18890.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.