As expected pull back is happening!
Now I have new update on Nifty. Earlier I was expecting it to be a triangle. Now the whole pattern turns out to be a leading diagonal and followed by a pull back. Now we have to see impulsive down. and it is likely to make a new low below 7800 again.
The leading diagonal which is named as wave A is of length 1077 units. So wave C could be of any of the below
0.618%=7798 (High probability)
0.786%=7618 (High probability)
1 =7389.5 (High probability)
1.23%=7137 (low probability)
1.382%=6980 (very low probability)
In the major triangle since all time high in 2015 C leg of each of the triangle legs have retraced to 1.23%. So we cant ignore possibility of 7137. At the moment we can focus on 7389.5 as the first level and when it reaches there we can look for reversal point.Ideally we should look for reversal around each of the above mentioned Fibonacci levels. Because we never know where the reversal and momentum come in place as we are foreseeing around 1000 points correction.
If there is any change in my view or the pattern i shall post as required