Nifty: Extracting triangle Neo wave

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Nifty daily chart


I am coming with another possibility of wave pattern and counts. This does not change my view as compared to previous posts but it supports with Neo wave counts. I will not go through the chart but will explain the wave counts

In the daily chart, I have marked w-x-y pattern in which we are in wave y. Wave y is moving in a triangle pattern. This pattern is called extracting triangle. It has five Waves within (a-b-c-d-e). It is currently moving in wave e. Once completed market will move up. Just like Neutral triangle, Extracting triangle can be identified. In this pattern wave c has to be smaller than wave a and wave e needs to be smaller than wave c.

Once this completes Nifty will progress to my mentioned levels and thereafter will be updating based on price movements.

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