#BANKNIFTY Weekly Overview
#banknifty Triangle Formation on the lower time frame, high probability of #banknifty touching the falling trendline, before next move.
#learning:-
Contracting triangles are the most common type of triangle. When they’re in the fourth wave position, they predict an end to the entire trend with one more wave (fifth wave).
Rules (these are “hard” rules; they cannot be broken)
A triangle always subdivides into five waves.
At least four waves among waves A, B, C, D, and E each subdivide into a zigzag or zigzag combination.
Wave C never moves beyond the end of wave B, wave D never moves beyond the end of wave C. Wave E never moves beyond the end of wave D (sometimes the Dow reading at the end of a triangle subwave can exceed a previous subwave’s ending value by a small amount as the market approximates an equal level, as it does in ascending and descending triangles (barrier triangles)). (The result is that in the future in time, a line connecting the ends of waves B and D converges with a line connecting the ends of waves A and C.)
A triangle never has more than one complex subwave, which is always a zigzag combination.
Regards,
SG
#learning:-
Contracting triangles are the most common type of triangle. When they’re in the fourth wave position, they predict an end to the entire trend with one more wave (fifth wave).
Rules (these are “hard” rules; they cannot be broken)
A triangle always subdivides into five waves.
At least four waves among waves A, B, C, D, and E each subdivide into a zigzag or zigzag combination.
Wave C never moves beyond the end of wave B, wave D never moves beyond the end of wave C. Wave E never moves beyond the end of wave D (sometimes the Dow reading at the end of a triangle subwave can exceed a previous subwave’s ending value by a small amount as the market approximates an equal level, as it does in ascending and descending triangles (barrier triangles)). (The result is that in the future in time, a line connecting the ends of waves B and D converges with a line connecting the ends of waves A and C.)
A triangle never has more than one complex subwave, which is always a zigzag combination.
Regards,
SG
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