NIFTY 50....A-B-C down! And now? Note the alternate.
Hello Traders,
the weakness for NIFTY 50 since the high @ 11794 is so far a „three-down“, indicating either a flat is done @ 11185 and the next significant move is to new highs above the 11794 level or the „correction“ will extend into next week.
On the 15 min chart (left-hand corner) you can see, that @ 11251 N50 has finished a wave „(i)“ of lesser degree, and after it creates an „expanding-flat“-pattern. This pattern completes at 11493 (green arrow) a wave „c“of the flat, which extends to a 1.618 Fibonacci (on a closing price). The structure since then looks more as a sideways move, not an impulsive move to either side, up or down! So here, I will wait for a clear structure to develop.
If the decline was done @ 11185, N50 has room to move higher in the coming hours and days. A good hint for this idea, if´s the break of the upper boundary of the declining trend channel (blue lines). May N50 will retest the boundary that crosses 11420 levels on Monday and after it will break out to new highs.
The structure overall is not clear as per now and I will wait for a clearer chart pattern on Monday and the coming days.
I will update the count tín in the coming days.
Have a great weekend....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
the weakness for NIFTY 50 since the high @ 11794 is so far a „three-down“, indicating either a flat is done @ 11185 and the next significant move is to new highs above the 11794 level or the „correction“ will extend into next week.
On the 15 min chart (left-hand corner) you can see, that @ 11251 N50 has finished a wave „(i)“ of lesser degree, and after it creates an „expanding-flat“-pattern. This pattern completes at 11493 (green arrow) a wave „c“of the flat, which extends to a 1.618 Fibonacci (on a closing price). The structure since then looks more as a sideways move, not an impulsive move to either side, up or down! So here, I will wait for a clear structure to develop.
If the decline was done @ 11185, N50 has room to move higher in the coming hours and days. A good hint for this idea, if´s the break of the upper boundary of the declining trend channel (blue lines). May N50 will retest the boundary that crosses 11420 levels on Monday and after it will break out to new highs.
The structure overall is not clear as per now and I will wait for a clearer chart pattern on Monday and the coming days.
I will update the count tín in the coming days.
Have a great weekend....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!