NIFTY50 (Futures)...A change of trend at hand?!
Hello Traders,
because of „Labor Day“ on Friday, the stock market was closed. So I take NIFTY futures to show the developing structure of the waves.
As I wrote before, the move from the March low (7377) is countertrend and develops within a „wedge-shaped“. It broke above the upper trendline, a so-called „throw-over“, and reversed back into the channel, indicating that the pattern is complete, and so, wave ((2))/((B)) is too! On this way, the Futures retrace a 0.57 Fibonacci of the decline.
The next significant move that possibly started on Friday's session is to the downside and should drive NIFTY50 èventually below the March lows.
The futures topped @ 9910.0, the wave „Y“ high and reversed sharply during Friday`s session to 9286.5. It did not only reversed back into the wedge, but it also moved in one „pace“ and crossed the lower boundary also.
The decline is the largest since the wave „W“ topped out and declined to the wave „X“ low. So maybe a change of trend is at hand.
An alternate view is, this move on Friday is a wave „X“ of a double ZigZag pattern. I judge this opportunity as the one with lower possibility, but quite possible!
For now, as long as the high in the Futures is valid (@ 9910, the trend is down.
We will see, what the Futures and NIFTY 50 have in the cards for next week's trading.
So I will update the chart if more and a clear structure develops.
Have a great and safe weekend.....
ruebennase
because of „Labor Day“ on Friday, the stock market was closed. So I take NIFTY futures to show the developing structure of the waves.
As I wrote before, the move from the March low (7377) is countertrend and develops within a „wedge-shaped“. It broke above the upper trendline, a so-called „throw-over“, and reversed back into the channel, indicating that the pattern is complete, and so, wave ((2))/((B)) is too! On this way, the Futures retrace a 0.57 Fibonacci of the decline.
The next significant move that possibly started on Friday's session is to the downside and should drive NIFTY50 èventually below the March lows.
The futures topped @ 9910.0, the wave „Y“ high and reversed sharply during Friday`s session to 9286.5. It did not only reversed back into the wedge, but it also moved in one „pace“ and crossed the lower boundary also.
The decline is the largest since the wave „W“ topped out and declined to the wave „X“ low. So maybe a change of trend is at hand.
An alternate view is, this move on Friday is a wave „X“ of a double ZigZag pattern. I judge this opportunity as the one with lower possibility, but quite possible!
For now, as long as the high in the Futures is valid (@ 9910, the trend is down.
We will see, what the Futures and NIFTY 50 have in the cards for next week's trading.
So I will update the chart if more and a clear structure develops.
Have a great and safe weekend.....
ruebennase