the conclusion as of my last analyze was correct. NIFTY 50 declined the past two session and reduced „overbought“ condition, failed to retrace a 0.382 Fibonacci of the advance (@ 11586.43), which is also a wave „4“ of lesser degree. To my view the move need one more „up-down“ sequence to complete the correction and will advance thereafter.
While some questions ask for the slope and the retacement of the possible wave „3“ move I have published a 10 min chart below the analyze to show my count at this timeframe.
So, if N50 is not done, the range for a wave „4“ target is at 11592-11586 area, the latter one wave „c“ equals wave „a“. It could also be possible, that N50 will close the open gap from the trading of May 19 – May 20 at 11418-11651.90!
That would be a steep retracement, but still valid in terms. At 11294.75 the count is invalidated.
On the other hand, todays a/d-Ratio was strong at 2.1 (34 advances vs 16 declines) and at last weeks readings at this level a decline followed and after the massiv upmove took place. It will be interesting how N50 will manage this conditions.
I will monitor NIFTY50 closely and update the chart asap!
Have a great week...
Feel free to ask or comment.
Trading this analyze is at your own risk!