ruebennase

NIFTY50.....You are prepaired!

NSE:NIFTY   Chỉ số Nifty 50
Hello Traders,
In my last analysis I wrote about two different candlestick patterns. A "bearish engulfing" and a "morning star"! I also raised the question as to which of the two would take control of the market.
Well, the bearish-engulfing was the stronger one and sent the NIFTY50 with a much stronger second bearish-engulfing to 21192 (daily low) and a close of 21238! So the question was answered!
A day later the lower low was 21137 and a gap-up on the 25th (holiday on Friday) and a massive gap-up at that!
In fact, this low could be the whole correction and the next move will be up with a lot of potential!
As long as this low holds, the next target is around 21750-21838, with further upside potential ahead! As I have written before, a new ATH is in sight! The only question is when will it be reached? But this rally is (in my opinion) not over yet!
However, as always, there is a bearish side to the story.
The possible high of wave (B) could be a wave 5 and the impulse has ended here!
If so, the weakness to 21192 could be part of wave (4) and take 1-2 weeks to develop? As you know, a triangle is one of the patterns that can only occur in a wave 4/b or a wave z!
The answer will be given soon and we will clarify the pattern for a serious analysis!
Until then, enjoy and be patient!

Have a great week.....
Red Nose

Please ask or comment as needed.
Trading based on this analysis is at your own risk.



Translated with DeepL.com (free version)
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