Hello Traders,
NIFTY50 topped at 18604.45, and it is in a corrective move since!
It has shown a „three-down“, what is to interpret as a corrective setback in an uptrend.
If N50 is only correcting the latter move from 17452.90 to 18604.45, it could be all of it, may one more lower low above this level, and then, it will be continuous the bull-run again!
But if N50 is correcting the run from 15513.45, the correction is too short from a time perspective!
It needs more time, may the coming week or two!
A good support zone for the latter scenario is at or around the level, I have marked with the yellow rectangle! It ranges from 17484-17211! Here, if so to come, the correction would meet a wave 4 level of one lower degree. This is often a good point for an ending move.
For the first scenario, it could be all of it. Waves c has been a bit more than equality of waves a! If it extends the correction to the 1.618 multiple, it would achieve the range of the second scenario! So I think, we have a good and strong support level in this range.
Anyway! The market will give the answer, and many, if not all, will depend on the behaviour of the US markets!
Have a great week.....
Ruebennase
Fell free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 topped at 18604.45, and it is in a corrective move since!
It has shown a „three-down“, what is to interpret as a corrective setback in an uptrend.
If N50 is only correcting the latter move from 17452.90 to 18604.45, it could be all of it, may one more lower low above this level, and then, it will be continuous the bull-run again!
But if N50 is correcting the run from 15513.45, the correction is too short from a time perspective!
It needs more time, may the coming week or two!
A good support zone for the latter scenario is at or around the level, I have marked with the yellow rectangle! It ranges from 17484-17211! Here, if so to come, the correction would meet a wave 4 level of one lower degree. This is often a good point for an ending move.
For the first scenario, it could be all of it. Waves c has been a bit more than equality of waves a! If it extends the correction to the 1.618 multiple, it would achieve the range of the second scenario! So I think, we have a good and strong support level in this range.
Anyway! The market will give the answer, and many, if not all, will depend on the behaviour of the US markets!
Have a great week.....
Ruebennase
Fell free to ask or comment!
Trading this analysis is at your own risk!