NIFTY50...Flat-correction or start of wave "C" down?
Hello Traders,
NIFTY50 rallied at the open today to the 11545.80, which was intraday high and some points above the 0.88 Fibonacci of the first leg down. This level is important to classfy the pattern as a „flat“.
That means, that at this point a wave „b“ should be done and the first wave of a wave „c“ within a flat should started. A target area for this pattern remains at the 11285.15 area. Here wave „c“ equals „a“!
The alternate count is another.
I guess as long as the 11572.80 are valid, that a wave „C“ of larger degree has startet, with a first leg down, which is not complete.
For now it look like that waves 1-4 are done and one lower low is next to occur, after which a „three“-up shoud be next, to complete a 1-2 on one larger degree.
While a wave „c“ of a flat-pattern is allowed to extend to the 1.618 Fibonacci of wave „a“, the targetzone for this wave, which is mostly the same as for a wave „iii“, is at 11124.04!
Any rise above the 11572 level would increase the odds, that a wave „B“ is not done at this point and wave „B“ is extending higher.
Have a great day....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
NIFTY50 rallied at the open today to the 11545.80, which was intraday high and some points above the 0.88 Fibonacci of the first leg down. This level is important to classfy the pattern as a „flat“.
That means, that at this point a wave „b“ should be done and the first wave of a wave „c“ within a flat should started. A target area for this pattern remains at the 11285.15 area. Here wave „c“ equals „a“!
The alternate count is another.
I guess as long as the 11572.80 are valid, that a wave „C“ of larger degree has startet, with a first leg down, which is not complete.
For now it look like that waves 1-4 are done and one lower low is next to occur, after which a „three“-up shoud be next, to complete a 1-2 on one larger degree.
While a wave „c“ of a flat-pattern is allowed to extend to the 1.618 Fibonacci of wave „a“, the targetzone for this wave, which is mostly the same as for a wave „iii“, is at 11124.04!
Any rise above the 11572 level would increase the odds, that a wave „B“ is not done at this point and wave „B“ is extending higher.
Have a great day....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!