In old school method or traditional technical analysis pattern which rises & are messy in nature are called “wedge”.
In Elliott Wave analysis we call it “Ending diagonal or Type-2 diagonal” which ends the current trend. Both terms imply the same thing – reversal ahead or next.
Index has been in uptrend since key support 17260 which was suggested as Part -B plan in the last idea - "Leading Diagonal or Type-1 diagonal"
The Sharp Fall from 17600 to 17260 & later bounce upside from 17260 was amazing moves for Index Nifty on Budget Day - 1st Feb 2022 & discussed over the last idea.
Plan A - Sell Below 17730 / Should fall below 17700 as well for confirmation.
Target 1- 17525
Target 2 - 17245
Target 3 - 17075 if fall continues below 17245
____________________________________________________ Last Idea - Leading Diagonal or Type-1 Diagonal ____________________________________________________
การซื้อขายยังคงดำเนินอยู่
2:51 Hrs / 2nd Feb 2022
Last @ 17775
Target 1 - 17525 - Partial Profits to be booked as Index can take support / Only if 17525 gets broken then continue downside.
Thanks
การซื้อขายยังคงดำเนินอยู่
9:59 Hrs / 3rd Feb 2022
Last @ 17724
As key zone suggested 17729- 17700 was broken & low was made at 17679.
Unless 17765 is broken on upside Index is still open for first downside objective of 17525
การซื้อขายยังคงดำเนินอยู่
11:01 Hrs / 3rd Feb 2022
Last @ 17707
Index is doing sideways & holding below 17729 - key minor resistance at the moment.
การซื้อขายยังคงดำเนินอยู่
12:21 Hrs / 3rd Feb 2022
Last @ 17646
Day low @ 17625
Traders have to book partial profits in 17625-17650 as as development is slow. Going below 17625 - have to continue more on downside for 17525. Thanks
การซื้อขายยังคงดำเนินอยู่
12:51 Hrs / 3rd Feb 2022
Last @ 17685
Partial profits booked in 17625-17650 zone. If Index starts moving upside above 17729/17730- minor resistance then It can attempt 17795 back again or moving below 17625 - our outlook is still remains same for target 17525.
Secondly, If Index travels close to 17729/17730 & fails to cross further upside then traders can look to sell once again.
การซื้อขายยังคงดำเนินอยู่
1:30 Hrs / 3rd Feb 2022
Last @ 17644
It's a range bound market between 17625 to 17690 - Nothing to do much. Index from bottoms close to 17625-17650 will attempt upside 17690 or so & holding 17729 - It will fall back again.
การซื้อขายยังคงดำเนินอยู่
3:00 pm / 3rd Feb 2022
Last @ 17602
Index could be reaching close to bottoms & hold 17585 levels so holding above 17600 - All profits to be booked in sell trade