Hello Traders,
The NIFTY50 has made a low at 24694. Since this level we have seen a counter-trend move (against the larger direction) to 25234. This level was just below my first possible target @ 25287 and turned out to be wave a of b of iv!
After this move, the price fell to 24920 and retraced below the 0.5 Fibonacci. As can be seen on the chart, the price moved above the declining trend line and "broke" above it. So the next move could be wave c of b ov iv in the coming hours! Technically motivated traders will follow this buy signal with a close stop loss level.
If the N50 breaks below the 24694 level, a wave c of iv to new corrective lows is underway! A possible target area is 24283 to 23173.
Please note the different degrees of the waves I am describing!
While N50 is advancing to the 25473 area, the targets may not be that low, depending on the internal structure of the developing waves.
So I think you are well-prepared for the next 2–3 days. I will try to find some time to update the count!
Have a great week.....
Ruebennase
Please ask or comment if necessary.
Trading based on this analysis is at your own risk.
The NIFTY50 has made a low at 24694. Since this level we have seen a counter-trend move (against the larger direction) to 25234. This level was just below my first possible target @ 25287 and turned out to be wave a of b of iv!
After this move, the price fell to 24920 and retraced below the 0.5 Fibonacci. As can be seen on the chart, the price moved above the declining trend line and "broke" above it. So the next move could be wave c of b ov iv in the coming hours! Technically motivated traders will follow this buy signal with a close stop loss level.
If the N50 breaks below the 24694 level, a wave c of iv to new corrective lows is underway! A possible target area is 24283 to 23173.
Please note the different degrees of the waves I am describing!
While N50 is advancing to the 25473 area, the targets may not be that low, depending on the internal structure of the developing waves.
So I think you are well-prepared for the next 2–3 days. I will try to find some time to update the count!
Have a great week.....
Ruebennase
Please ask or comment if necessary.
Trading based on this analysis is at your own risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.