not really much new to add.
NIFTY50 is trading within a tadingrange, that lastet from 11796.75 (April 25) to 11624.60 (April 25 intraday range). Since than the Index is tracing out a more complex structure to my view.
One possibilitie is, that a „barrier-triangle“ is underway, that might be finished today at the wave ((E)) high @ 11770.80! A „barrier-triangle“ is a triangle with a more or less horizontal line and an upward rising . Once the triangle is done, the next move occur to the underside of the ((B))-((D)) line, in this case. A common targetzone for the „thrust“ is the origin of the triangle at minimum, here at 11564.80.
Note, that this price behavior is „similar“ to the trading range that occured on the bigger timeframe from the end of December 2018 to Feb. 19, just not done for now.
While the move from the high at 11849.50 is to short for a „complete“ correction, there remains different options to interpret this.
If the advance was done at 11849.50 the setback need at least more days to be done and the focus is set to the downside, here a possible targetrange is at 11366.71, a 0.382 Fibonacci of the advance from Feb. 19!
If the move down is just a setback of lesser degree, we will might test the low at 11564.80 and reverse than to new highs.
During such patterns develop it is always „better“ to stand at the sideline and watch the behavior of priceaction. This is the time you can and will loose money by trading this. Just my view, your decision!
Have a great weekend....
Feel free to ask or comment.
Trading this analyze is at your own risk!