Looks like Ascending Triangle correction is going on in wave 4 but wave D is not the longest (breaking Ascending Triangle rule that wave D should be longest but at the same time it is closest to Ascending Triangle formation than other three variation). If this is Ascending Triangle construction then wave E must retrace wave D by atleast 50% and end above wave C. This zone could be anything in below range: 1497.80 < Wave E end < 1675.25. And after that ride impulse wave 5. Good luck with your trade!
Hi Sir,
Is it currently another entry point in Route. After previous break out it didn't fall and making flag on pole pattern.
nikky2201
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@preyanshdwivedi,
Currently it has entered into subordinate wave 2 of its 5th wave of higher degree.
38.2% retracement is already done @ 2066.25.
50% retracement is @ 1992.55
61.8% retracement is @ 1918.80
Ideally 2nd wave retracement is done @ 61.8% but its not written on stone. It can retrace at any point and we have to follow market.
If you are tempted to enter then apply SL @ 61.8% or little wide.
akrock861
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if you fib wave 1, then wave 3 is 1.27 times of wave 1.. showing some corrective formation is going on.. there is a pattern by glenn neely called extracting triangle formation in which wave b and d are slow in nature, i think it may be the same going for e- wave.
Is it currently another entry point in Route. After previous break out it didn't fall and making flag on pole pattern.