Nifty: In making of Neutral triangle (Neo Wave)

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Nifty Hourly chart

Nifty from past two days has actually moved in the range of 11200-10900 levels, either 200 points up or down. This sideways movement is an indication that market is digesting the recent fall. Once it is done, prices will resume the major trend.

In my earlier update I had mentioned that prices are moving in a falling channel. Today, the index faced the resistance of the channel close to 11065-11080 levels but could not cross it as a result it faltered from there. I have not shown the channel here but to read the earlier article you can see 'Nifty Weekly Analysis on 13th August.

From wave perspective, Nifty made a neutral triangle pattern. Neutral triangle is a pattern which comes in Neo wave theory. The pattern has five internal legs (a-b-c-d-e) but here wave c will be the longest amongst wave a and wave e. Here wave e has ended today so after Independence day holiday, Nifty will start moving down in a new leg.

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