NIFTY – Above I have given two charts for Nifty. The 1st one is showing the completion of ABC wave down and thereafter an upmove.
In the 2nd chart I have shown in detail , the ending of the current segment into an expanded triangle.
What above means
In all probability, we are seeing the probable end of the current upmove into an expanded triangle for which the LAST LEG ‘e’ is ongoing. In an expanded triangle the last leg can end abruptly EVEN BEFORE the upper boundary.
In yesterdays post I had mentioned a probability of the current upmove EITHER being an impulse wave (In which case AFTER the current EXPECTED correction, we will start going up in a resumption of the bull run OR the current upmove has been an ABC CORRECTIVE wave which is ending in an expanded triangle as mentioned above.
Whatever the case may be, the common factor from both possibilities is that the correction is now imminent with the expanded triangle formation as shown above.