Elliott Wave & Technical Analysis for Nifty

Though majority of the Technical signals are showing a maturing down trend, let us check a bullish probability for the short term -

So the close below 50dma and lower Trendline of the Ending Diagonal pattern (as in the last post) may prove to be a Bear Trap in the short term if the above probability holds good.

Holding the low of last session 7540, it may reverse in the short term and closing above 20dma will give the initial bullish signal. Close above 7700+ may propel it to new high above 7841.

On close below 7540, it may move down with the Larger Trend to whipsaw 7422 and then may be further down towards 7200.