NSE MRF – Expanding Triangle Pattern Formation
Timeframe: Daily
NSE MRF has formed a double three pattern W-X-Y, which may transition into an A-B-C corrective structure. The correction has persisted for over 11 weeks, with prices trading below the 50 and 100 EMA. The Average True Range (ATR) is 2,341, while the ADX stands at 47.
Wave X/B occurred at 143,849, followed by a decline into the final wave Y/C. Wave Y/C is currently forming wave (e) of an expanding triangle within wave 4 of wave (c) of wave (C). A throw-under is likely before a sharp rally. However, if the price fails to hold above 116,000, there is a high probability of an expanding triangle forming, potentially driving the price down to 95,000 before a trend reversal. After the accomplishment of wave (Y), the Trader can buy for the following targets: 120,000 – 128,000 – 136,000+.
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NSE NIFTY – Elliott Wave Outlook
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