Hello traders, NIFTY50 gaped down this morning, closed the day @ 10821.35, intraday low @ 10794.40. This level is just 14 points above the area, were wave c is a 1.382 Fibonacci Extension of wave a. So it could be that the decline is initially done for short term or it needs one more down sequence. Any extension of the weakness would lead N50 to the level surrounding a wave ((4)) of lesser degree @ 10562.90 (marked with the black arrow). More bearish potential exists. At the 60 minute chart, I show a possible wave count, which would be in line with my thoughts. In this case, it could be that N50 would show a „snap-back“-rally the level @ or around the 11106-11204-11259. All these areas include a wave 4, a 0.382, and a 0.5 Fibonacci retracement of the sell-off. Don`t catch a falling knife! Have a great week... ruebennase
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