Nifty Correction - Probably Triangle Correction -18th April 2022
Updated
Hi
The moves from 18350 seems all complicated, which might imply, that we are in a triangle correction.
In a Triangle correction, all the waves from Wave A to Wave E have an internal structure of 3 waves.
Types of Triangles
There are basically three types of triangles.
1.
Contracting Triangle
2.
Neutral Triangle
3.
Expanding Triangle
Each type is determined by which leg (Wave A, C or E) is the longest. Wave A, C & E are the waves in the direction of the trend for the pattern.
In a Contracting triangle, Wave A is the longest amongst Wave A, C & E.
In a Neutral triangle, Wave C is the longest amongst Wave A, C & E.
In an Expanding triangle, Wave E is the longest amongst Wave A, C & E.
Currently looking at the structure, we might assume we are in a contracting triangle.
Ina Contracting Triangle, Wave A is always the longest and most violent amongst Wave A, C and E followed by Wave C (which is almost always 61.8% of Wave A) and Wave E which must be at least 38.2% of Wave C but no more than 99% of Wave C.
Here we have not mentioned about Waves B and Waves D, in triangle correction...these 2 waves could be anything complex...they do not conform with any rules.
Only Waves A,C and E conform to the above mentioned rules.
As of now, we can expected a retrace of price to nearabouts of 16120 in 3 waves structure.
and D wave could be again anything not conforming to the rules, but
Wave E should be atleast 38.2% of Wave C.
Will update as and when necessary.
As of now, Lets wait for a C wave if this is really a Triangle correction.
The moves from 18350 seems all complicated, which might imply, that we are in a triangle correction.
In a Triangle correction, all the waves from Wave A to Wave E have an internal structure of 3 waves.
Types of Triangles
There are basically three types of triangles.
1.
Contracting Triangle
2.
Neutral Triangle
3.
Expanding Triangle
Each type is determined by which leg (Wave A, C or E) is the longest. Wave A, C & E are the waves in the direction of the trend for the pattern.
In a Contracting triangle, Wave A is the longest amongst Wave A, C & E.
In a Neutral triangle, Wave C is the longest amongst Wave A, C & E.
In an Expanding triangle, Wave E is the longest amongst Wave A, C & E.
Currently looking at the structure, we might assume we are in a contracting triangle.
Ina Contracting Triangle, Wave A is always the longest and most violent amongst Wave A, C and E followed by Wave C (which is almost always 61.8% of Wave A) and Wave E which must be at least 38.2% of Wave C but no more than 99% of Wave C.
Here we have not mentioned about Waves B and Waves D, in triangle correction...these 2 waves could be anything complex...they do not conform with any rules.
Only Waves A,C and E conform to the above mentioned rules.
As of now, we can expected a retrace of price to nearabouts of 16120 in 3 waves structure.
and D wave could be again anything not conforming to the rules, but
Wave E should be atleast 38.2% of Wave C.
Will update as and when necessary.
As of now, Lets wait for a C wave if this is really a Triangle correction.
Note
Need another 700 points for the C wave in the triangle correction to complete...hoping to get it by month end.Note
Seems a Wave completed in the 3rd Wave (C Wave), now waiting for b Wave.Remember 3 wave in triangle Waves structure
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.