Nifty 50 Short Term Update

Nifty 50 short term update. As on Thurs 4 March 2021. CMP 15,020. Posted at 10:10 am.

There is no change to our hypothesis of a triangle unfolding.  But what has changed is the nature of the triangle.

The recent volatility - with price gapping up one day and gapping down the next, has caused us to change our working hypothesis from a regular contracting triangle to an expanding one.

Expanding triangles are rare, and are often difficult to pinpoint in real time.  But the nature of the waves, especially the rally over the last couple of days has created a situation where we are working on this expanding triangle hypothesis for the time being.

If yesterday's high of 15,271 is exceeded, we will re-evaluate.

For alternate count, pls see previous posts.

For now - sideways to lower expected towards 14,300 in wave d of the expanding triangle.  Wave c appears to have completed yesterday at 15,271.