Friday, March 13, 2015

Nifty & NSE Midcap: Understanding DIAMETRIC Elliott wave pattern! The most frequent pattern but least known!!!

Advanced Elliott wave - Neo wave has more number of patterns than the basic Elliott wave suggests. 
It has become extremely important to look at these advanced patterns and as per my experience these patterns have been appearing more than often compared to the basic Impulse, Flat, Zigzag patternsDiametric is one of the new patterns discovered later that has seven legs and each of the legs are corrective in nature. This pattern is labeled as a-b-c-d-e-f-g.
Now look below why understanding this pattern is extremely important:
NSE Midcap daily chart:

This is a classic Diametric pattern text book example that can be seen on NSE Midcap index. This clearly shows why the entire rise has been on lack of momentum and there is a strong negative divergence on RSI. This is exactly the reason why we have stayed objective when everyone was turning bullish exactly at the wrong time.
A strong confirmation from high beta sector – NSE Midcap index clearly is providing a secondary confirmation for main index NIFTY.
Each of the above legs are corrective in nature and it is forming a perfect Diamond shaped Diametric pattern. To know post pattern implication and the break down areas subscribe to “The Financial Waves short term update”.
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