NIFTY Future.....Sideways consolidation²!
Hello Traders,
India`s stock exchange was closed on Friday, and so the market has time to take a deep breath before the next move! But what would be the direction of it?
This analysis try to give an answer.
The Futures have pointed lower as per my indication. So the "sideways consolidation I argued could become into focus next week. While the future as N50 was rising since March 27-29 the bulls should be "exhausted" and need to take a deep breath I was talking about in the introduction to my analysis!
The future extend his gains to 17934 at the past week, and more interesting from a Fibo-analysis it has run to and above the 2.0 extension from 16832-17254-16899! If NIFTY Future now ill move sideways, with less pressure to decline, a favorite price target should be at or around the 0.382 Fibo-level of the distance from 16832-17254-16899! This is the at or around 17530 range! Here N50 Future should turn around and take trend of the direction it has before.
Any move without any consolidation should bring price to 17934-18070-18155 area! This idea would play the EW price target analysis and should be an extending wave (iii)!
The indicators give, too, a fingertip, of a sideways move, `cause they are pointing lower, as price did since Thursday!
Well. Interesting week seams to be ahead, and we will see, what Traders will do with India's bull market!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
India`s stock exchange was closed on Friday, and so the market has time to take a deep breath before the next move! But what would be the direction of it?
This analysis try to give an answer.
The Futures have pointed lower as per my indication. So the "sideways consolidation I argued could become into focus next week. While the future as N50 was rising since March 27-29 the bulls should be "exhausted" and need to take a deep breath I was talking about in the introduction to my analysis!
The future extend his gains to 17934 at the past week, and more interesting from a Fibo-analysis it has run to and above the 2.0 extension from 16832-17254-16899! If NIFTY Future now ill move sideways, with less pressure to decline, a favorite price target should be at or around the 0.382 Fibo-level of the distance from 16832-17254-16899! This is the at or around 17530 range! Here N50 Future should turn around and take trend of the direction it has before.
Any move without any consolidation should bring price to 17934-18070-18155 area! This idea would play the EW price target analysis and should be an extending wave (iii)!
The indicators give, too, a fingertip, of a sideways move, `cause they are pointing lower, as price did since Thursday!
Well. Interesting week seams to be ahead, and we will see, what Traders will do with India's bull market!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!