I have posted following weekly chart of Bank Nifty in my Dec 15 post.
This chart shows similarity in patterns. The pattern started in Aug 2013 and completed in Oct 2016 as shown below:
This is "Extracting Triangle Pattern" as per Advanced Elliott Wave (Neo Wave). Ongoing pattern looks similar to Extracting Triangle Pattern and as per this pattern wave D seems to be in progress. After completion of wave D, index will move towards upward channel line(RED) in wave E. Once the pattern gets completed, we should expect index to go below wave D.
I am just aware about Neo wave patterns but do not have knowledge about its calculations/counts. In Extracting Triangle pattern, each successive wave in the direction of trend contracts while corrective waves expand (wave A< wave C < wave E, wave D > wave B)
It looks similar to Head & Shoulder pattern
So possibility of Down move is quite high post Jan 2017.
This chart shows similarity in patterns. The pattern started in Aug 2013 and completed in Oct 2016 as shown below:
This is "Extracting Triangle Pattern" as per Advanced Elliott Wave (Neo Wave). Ongoing pattern looks similar to Extracting Triangle Pattern and as per this pattern wave D seems to be in progress. After completion of wave D, index will move towards upward channel line(RED) in wave E. Once the pattern gets completed, we should expect index to go below wave D.
I am just aware about Neo wave patterns but do not have knowledge about its calculations/counts. In Extracting Triangle pattern, each successive wave in the direction of trend contracts while corrective waves expand (wave A< wave C < wave E, wave D > wave B)
It looks similar to Head & Shoulder pattern
So possibility of Down move is quite high post Jan 2017.
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