Market Mayhem - Triangle formation

The S&P CNX Nifty corrective pattern of the fourth wave which was expectedly forming a triangle is now in mature stage of formation. In the last update I had called for a 1000 point rally from lows of 2500 and market retraced the advance from 3147.

Current possibility has been throughly highlighted in my internal posts that market is forming a triangle which may take some more time to form. The graph below shows the current count on a one hour graph. It shows that current move is again corrective and in threes. 50 period EMA has kept price capped and the formation of 'e' in the triangle may end at 50 EMA which is currently at 2960.







Weekly channel is holding strong for the time being and looks to hold the price in it.



Point and figure graph shows strong support at 2489 which can lead completion of wave 'd'.



Momentum studies are weak and TRIX is also breaking down pointing towards further downside in days to come.




Look for prices to give a rebound to complete triangle by forming 'E' at around 2950.