NIFTY50 UPDATENifty 50 IndexNSE:NIFTYNEoWave-ChartAfter the formation of a diametric pattern, as expected, the NIFTY50 index experienced a strong upward movement. This upward movement concluded with the formation of a Reverse Contracting Triangle pattern. Given the current conditions, two probable scenarios lie ahead for the index: 1- The correction that followed the Reverse Contracting Triangle is wave-b of a larger upward movement, and after the completion of this wave, NIFTY50 will resume its upward trend. Considering the strong movement that occurred after the diametric pattern, it seems likely that this scenario could materialize. In this scenario, the 24337 level will not be broken to the downside. 2- If the price breaks below 24337, we should assume that a double pattern of triangle - X - diametric formed wave-a, and the Reverse Contracting Triangle that followed is wave-b of a larger corrective downward pattern, which could be a neutral or reverse triangle. Good luck NEoWave Chart