July 11, 2017

Neowave outlook of market

If the c-leg goes down, but is later retraced faster on the upside (just like c-leg of the 1st x-wave), then Index could open the upward 3rd Corrective. The 3rd Corrective, in such a case, could possibly develop as an “Ending Triangle” as per NEoWave.

If c-leg settles into “lower top lower bottom” formation even below a-leg, then it could mean Double Diametric rally is over, and larger fall is already in progress.

The Future development could depend on whether the post-Dec’16 rally completes as a Double Diametric OR a Triple Combination. As per NEoWave, a “Double” carries a pattern implication of no more than about 80% retracement, while a “Triple” carries a pattern implication of 60-70%.

Read more at http://content.icicidirect.com/ULFiles/UploadFile_2017710102915.asp

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