As of now , we considered the fall from 12440 to 7500 levels as wave A of triangle. When wave B exceeds 1.236% of wave A then it could be a running correction.. As per the rule of running triangle, the B wave has a power to retrace 1.382 to 1.618% of wave A ( it could be a double or triple combination of corrective move, may be flat or zigzag ending with triangle or ending with elongated zigzag pattern. In our case, the rise from 7500 levels exceeded 1.236 % (13560, we witnessed sharp drop from 13799 to 13155 levels) and 1.382 % (14280) of wave A and heading towards 1.618% levels which lies at 15437 levels ( rare case ) but as per our observation this kind of move always sees end in- between 1.382% to 1.618% levels.
As per above chart, the rise from 7500 levels is still trading in channel and respects channels upper line value ( 14650) by trading below the line for the last couple of day. As per our view, in case of “double combination”, the current move will see an end in-between 14600 to 14800 levels but in case of “triple combination”, it will see an end around 15400 levels. Traders are advised to keep eyes on 14650 and 15400 levels as it could be the “temporary an end” of current upward rally from 7500 levels.
