Nifty: 5 minutes Diametric pattern despite the Budget!
Nifty has been moving in non trending fashion over past many weeks. On Friday 1st February 2019 despite of the Budget announcement prices moved precisely as we expected.
Detailed research on that can be found in the previous article – Nifty Budget day trade setup, 250 points move capture! BANG ON!
Now look at the below chart and can you guess the pattern?
Nifty 5 minutes chart:
Any guesses on which pattern it is and yes it is a 5 minutes Bar chart?
Yes, it is a running Diametric pattern. The above is like a text book example. There is contraction in the initial legs and then expansion. This pattern is very common and seen across the charts and indices.
It is amazing to see that despite of Budget event markets behaved and did what it has to do. The original trend after the Budget announcement continued on upside to complete wave g of the Diametric structure before coming back down again. So, you still think that news or events move the market? Think again!
Following was given as the upside level in “The Financial waves short term update” Expect high volatility due to Budget event but keep a watch on the closing level which will set the tone for coming week. Expect volatile move within 10980 – 10650 levels! BANG ON
Nifty touched intraday high on 1st February near 10983 levels and reversed on downside.
It is important to keep evolving the methods and patterns that are occurring more than often in markets. Once you know the pattern under formation you can take some amazing trades. Also understand this is newly discovered pattern by Glenn Neely and not present in the orthodox Elliott wave research.
I am going to talk about such very important patterns that once identified correctly can give killing returns even on a small capital.
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