Hello Traders,
NIFTY50 has touched the 15400 area at Friday's trading. The low was at 154450.90. This could be all of waves c of 4 (1h chart)!
Probably one more low has to occur, before trend reverse to the upside again!?
However. At the hourly chart, we can see very nicely the three-wave pattern. It has retraced closed to the 0.382 Fibonacci level of waves 2 and 3, which is the most common Fib.retracement level for a wave 4!
If so, the trend will remain again to the upside during next week's sessions, and we could see new high's again for N50!
A decline through the level of 15078.95-15044.35 would alter the view, because wave 4 would be to long in terms of price.
Well; we'll see what's next week will happen!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 has touched the 15400 area at Friday's trading. The low was at 154450.90. This could be all of waves c of 4 (1h chart)!
Probably one more low has to occur, before trend reverse to the upside again!?
However. At the hourly chart, we can see very nicely the three-wave pattern. It has retraced closed to the 0.382 Fibonacci level of waves 2 and 3, which is the most common Fib.retracement level for a wave 4!
If so, the trend will remain again to the upside during next week's sessions, and we could see new high's again for N50!
A decline through the level of 15078.95-15044.35 would alter the view, because wave 4 would be to long in terms of price.
Well; we'll see what's next week will happen!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!