Hello Traders,
NIFTY 50 has achieved my target area within the yellow rectangle!
This could be all of the correction, or it is just a wave a/w! The coming days will clear the picture!
Obviously to see is the clear „three-down" patten, which was an a-b-c or w-x-y move.
The main problem to me is, that I can not identify a „three-down“ within the possible wave c.
So, it could be, that this correction will extend to lower levels in the coming days ahead.
If we have seen the correction in total, the next move, possibly started today, will bring N50 to new ATH`s!
If it was just part of it, we have to focus a „counter trend“ in the coming days ahead! A possible range for this idea is from 17588 to 17705. More bullish potential exist.
A break of the low at 17216 will open the door to 16882-16666.
As before. Much will depend on the US market!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY 50 has achieved my target area within the yellow rectangle!
This could be all of the correction, or it is just a wave a/w! The coming days will clear the picture!
Obviously to see is the clear „three-down" patten, which was an a-b-c or w-x-y move.
The main problem to me is, that I can not identify a „three-down“ within the possible wave c.
So, it could be, that this correction will extend to lower levels in the coming days ahead.
If we have seen the correction in total, the next move, possibly started today, will bring N50 to new ATH`s!
If it was just part of it, we have to focus a „counter trend“ in the coming days ahead! A possible range for this idea is from 17588 to 17705. More bullish potential exist.
A break of the low at 17216 will open the door to 16882-16666.
As before. Much will depend on the US market!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!