Hello Traders,
as I wrote in my latter analysis, NIFTY50 has paused his uptrend since the top @ 19991.85 points on Thursday 20. July!
The outcalled price-targets are not achieved yet. So the room is given for more corrective setbacks into the area of 19500-19430! More bearish potential exist!
One of the target areas should be at or around 19300 and a break of this level open the door to the "outbreak level" of 19066–19000 points. Depending on and if it will be achieved!
For short term, I would expect a test of 19500-19430-19300 range, as long as N50 is pricing below his ATH!
The ATH could be counted as a wave 3 and the correction running since a wave 4 of the same degree. In this case, @ 19300 range a wave 4 of one lesser degree would be achieved, what often is a behavior, following wave theory! A break of 19870 to the upside, would give the market potential to rise to 20k and above to my cited target @ 20130!
So, the path has been set for the coking days!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
as I wrote in my latter analysis, NIFTY50 has paused his uptrend since the top @ 19991.85 points on Thursday 20. July!
The outcalled price-targets are not achieved yet. So the room is given for more corrective setbacks into the area of 19500-19430! More bearish potential exist!
One of the target areas should be at or around 19300 and a break of this level open the door to the "outbreak level" of 19066–19000 points. Depending on and if it will be achieved!
For short term, I would expect a test of 19500-19430-19300 range, as long as N50 is pricing below his ATH!
The ATH could be counted as a wave 3 and the correction running since a wave 4 of the same degree. In this case, @ 19300 range a wave 4 of one lesser degree would be achieved, what often is a behavior, following wave theory! A break of 19870 to the upside, would give the market potential to rise to 20k and above to my cited target @ 20130!
So, the path has been set for the coking days!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!