#banknifty A Classical Case of Leading Diagonal:-

A Classical Case of Leading Diagonal:-

Let me continue from where I stopped the previous analysis:-

https://in.tradingview.com/chart/BANKNIFTY/M7wfwjTZ-banknifty-positional-view/

The leading diagonal in the Elliott Wave is a sort of impulsive pattern, but it differs in shape and internal structure. However, the leading diagonal occurs in waves 1 or A, & it comes in the form of a contracting or expanding diagonal.

Leading diagonal is not in Elliott’s original work, but it appears enough times that we are convinced of its validity.

Rules & guidelines:

Its internal structure is similar to impulse wave 5-3-5-3-5.
Wave 4 & wave 1 do overlap.
The correction of wave 2 is 61.8% in length of wave 1 up to 99%, but it doesn’t go beyond the origin of wave 1.
The leading diagonal is either a contracting diagonal or an expanding diagonal.
Wave 3 can’t be the shortest.
Wave 2 must not go beyond the origin of wave 1.
Wave 4 must not go beyond the origin of wave 3.
Wave 1 is the longest, while wave 5 is the shortest in contracting diagonal. On the contrary, wave 1 is the shortest, and wave 5 is the longest in expanding diagonal.

In which wave:

Leading Diagonals occur in waves 1 and A.

Internal Structure:

The five waves of the Leading diagonals show an internal structure of 5-3-5- 3-5.

Looking at the #banknifty structure we are either in wave 3 or wave c, which gives a potential target of 47,000.