The triangle is descending with base line at 5750 levels.
More about this pattern: General the triangles occur in wave 4 or sometimes in other form in wave 1 also. But wave 1 triangle is very uncommon.
The breakout from the descending triangle is generally upside as per previous studies but that is just a stats so not a generic rule.
This triangle occurrence on daily charts indicates that we can have some upside as this wave is corrective so one more wave upside can be expected. Well that all is elliot.
Now how to trade this pattern:
As of now the trading range is getting shortened day by day so the not any significant movement can be expected but since we are now in last wave of triangle so there can be breakout in a day or two.
On the downside the support is at 5800 levels and upside it has resistance at 6000 levels.
The daily color of Nifty is sell.
Thanks Jitender for a detailed view on Nifty in times like this. Forming a tradable view is getting very difficult with so much scam related noise popping up in the backdrop of stong global cues. As mentioned in the Blog Nifty seems to trade with the negative bias respecting the range 5800-6000 range as well.
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