Hello Traders,
NIFTY50 dropped to a low on Feb. 19 @10585.65 and reversed. The pattern since than is „three-up“ and it retraced .382 Fibonacci of the decline from 11118. This is the most common target within a wave „b“ of a „ZigZag“, (a corrective) pattern.
If so N50 is at forefront of a decline that will at least terminte below the wave „a“ low at 10585.65! Normaly wave „c“ of a ZigZag will retrace at minimum the .618 Fibonacci (@10479.80) of wave „a“. The most common target is wave c=a. This would be the case @ 10276.40!
But keep in mind, that a possible termination point after a triangle occured is the level at which the triangle startet. This was at 10004. The move that follow after a triangle is the final move in a sequence and a reversal after will occur next.
So there is a wide range for the pattern to end.
On the other hand. Any rise abover the 10983 (the red trendline which connects the b-d-line of the triangle will make a new evaluation necessary.
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
NIFTY50 dropped to a low on Feb. 19 @10585.65 and reversed. The pattern since than is „three-up“ and it retraced .382 Fibonacci of the decline from 11118. This is the most common target within a wave „b“ of a „ZigZag“, (a corrective) pattern.
If so N50 is at forefront of a decline that will at least terminte below the wave „a“ low at 10585.65! Normaly wave „c“ of a ZigZag will retrace at minimum the .618 Fibonacci (@10479.80) of wave „a“. The most common target is wave c=a. This would be the case @ 10276.40!
But keep in mind, that a possible termination point after a triangle occured is the level at which the triangle startet. This was at 10004. The move that follow after a triangle is the final move in a sequence and a reversal after will occur next.
So there is a wide range for the pattern to end.
On the other hand. Any rise abover the 10983 (the red trendline which connects the b-d-line of the triangle will make a new evaluation necessary.
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.