Nifty in Ending Diagonal Pattern?

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 Nifty Daily chart

Analysis

Nifty is currently exhibiting a pattern of higher highs and higher lows, indicating a positive trend. While there is no immediate sign of reversal, there are indications suggesting that the current upward momentum may be losing steam.

According to the Elliott Wave theory, there are signals suggesting the formation of a distribution pattern, specifically an ending diagonal pattern. However, this pattern is still unfolding, with one leg remaining on the upside, potentially pushing the index to new all-time highs within the range of 22300-22400 levels. Once this leg concludes, there could be a reversal in the trend.

In summary, Nifty is anticipated to climb further from its current levels and may reach a new all-time high in the range of 22300-22400. However, after reaching this peak, a reversal could occur, potentially leading the index down to the range of 18000-19000 levels.

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