BEL Elliott Wave Analysis, Running Triangle

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 BEL half hourly chart


From the above chart, prices are moving in a sideways direction where two trend lines are converging, thus giving an indication that prices are moving in a narrow range.

The narrow range can be seen as a triangle pattern that too symmetrical one but the catch is it is running triangle. 

From waves perspective, prices are moving in wave b where it has formed running triangle pattern where wave b is bigger than wave a of the pattern. This pattern is complete and prices are set to open wave c higher.

The summation is prices are set to surge till 190-192 levels over short term as far as the level of 179 is intact on the downside.

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