Nifty Diametric Pattern

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 Nifty daily chart


From the above daily chart, the index has given a bullish break after crossing and closing decisively above the trend line resistance. Also the trend which was earlier negative has turned positive as prices have started moving in a higher highs and higher lows. Daily RSI is well above the 50 level which is in a positive terrain.

As per Wave theory, I thought prices were moving in double correction (a-b-c-x-a-b-c) has eventually turned into a diamond shape diametric pattern (a-b-c-d-e-f-g), a seven legged pattern. The last leg wave g has failed, which resulted into a dynamic rally.

The summation is Nifty is positively poised and can surge from current levels near till 15450-15480 levels. Any retracement near to 14900-14800 will be a buying level.


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