Is Bank Nifty forming an Extracting Triangle pattern as per Neowave?

Neowave is advanced Elliott wave concept with newly evolved patterns like – Diametric, Extracting triangle, etc

Below is the literature on ideal Extracting Triangle pattern:

The unique aspect of this Triangular sub-category is that the alternation that is normally present in a Triangle (based on which wave is the longest) is reversed. This creates a VERY strange looking formation that can be very difficult to anticipate (at least if your experience is primarily in the 80’s bull market, which had a completely different character). The only early warning behavior characteristic I have been able to find relates to wave-b. When the b-wave of what looks like a Zigzag takes less time than waves-a or c, an Extracting Triangle is likely.

Now look at the below two charts – Bank Nifty pattern and Ideal Extracting Triangle pattern:

Does it mean that Bank Nifty should reverse from here?

The above chart of Bank Nifty resemble to that of Extracting triangle pattern as of now but this does not mean one should start bottom fishing and try to catch a low. It is better to wait for two stage positive confirmation as per Neowave.. i.e. faster retracement above the last falling segment.

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