Nifty intraday 26-08-2016

Our earlier views on Nifty about the triangle formation became invalid. I'll write a detailed note on this one over the weekend (Impact of the per-conceived notion on the Elliott wave analysis )

The fresh look at the hourly chart shows that we are either in 'C' of the 4th wave or on the 3rd wave of the bigger fall. For now we will go ahead and perceive the 'C' wave and will look into the 3rd wave possibility only if this wave does not end near 8410 region.

Nifty hourly chart:

Nifty EOD 25-08-2016

Nifty 1 min chart shows clearly how this a-b-c up move has played out. This over shoot the triangle trend line, just to complete the 'D' wave. And return back into the trend line, indicating the false breakout!

Nifty 1 min chart zoomed in:

Nifty 1 min chart showing the entire triangle formation:

Now let us step back and observe the hourly chart and hourly 9 RSI chart:

 Nifty hourly chart with 9 RSI
We can observe the triangle pattern in the RSI data as well!