Expanding triangle Nifty Target 5500

Counting the EWs, the previus top at 5179(5180) was minor wave (iii) of major wave 5 of the past 9 months up move. The correction from this top to the level of 4539 was minor wave (1v)of major wave 5. The current rally from 4539 is the minor wave (v) of major wave 5. Now within this wave (v) of 5, there will be five minute waves. on 25th Nov. we completed minute wave 1 at 5145. Then we went into minute wave 2 at 4806 on 27th Nov. From then we are into minute wave 3 of the minor wave (v) of major wave 5. Considering the facts that the wave 3s are swift and bigger in magnitide, we may shoot out from the barrier of 5200 NT and proceed to 5300+ in incoming week itself. After this we may go for some cooretion in minute wave 4. Then the final journey on minute wave 5 of minor wave (v) of major wave 5. Here we should end the recent bull market in the regeoin of 5400-5500. Then the big coorection comes leading NT toward 3500-4200 band (62 or 38% corection) for a perois of 4 to 6 months.

On 20th Nov, we had Popgun Pattern (previous day bar is inside bar). Nifty has given last chance to short at the end of today's trading. Coming week will see downtrend.

Hanging man Pattern on Nifty

On 17th Nov. Nifty made Hanging man candlestick chart pattern. We have got the confirmation of the same on 18th Nov. It looks we are in for significant correction from 20th Nov. This also coincides with price-volume diversion.