Nifty after making a recent swing low around ~18060, did a falling wedge breakout and made a swing high around 18420. Almost 350 points.
It corrected from there to about 61.8% fibo level and made a swing low today around 18200.
The pattern indicates that is forming a flag & pole pattern.
Also, as a learner of EW; my wave count suggest that it was a wave 2 retracement and today's last hour move suggest a start of impulse 3.
The momentum can lead it to the targets marked upside as 100 to 127% extn. , which also coincides with pole length.
Invalidation level is recent swing low; which if price start sustaining below today's low.
It corrected from there to about 61.8% fibo level and made a swing low today around 18200.
The pattern indicates that is forming a flag & pole pattern.
Also, as a learner of EW; my wave count suggest that it was a wave 2 retracement and today's last hour move suggest a start of impulse 3.
The momentum can lead it to the targets marked upside as 100 to 127% extn. , which also coincides with pole length.
Invalidation level is recent swing low; which if price start sustaining below today's low.
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Potentially this is the setup for tomorrow
