Hello Traders,
NIFTY50 has failed to advance to a new high for the year. It stopped the advance at 18296 within an intraday spike!
But what does it mean for our count idea?
Let's check the pattern.
Overall to speak, the advance was forecasted and you, as my fellow readers and followers, have been prepared for this scenario. Today's move should have ended a wave ((5)) of iii, or it is wave i of ((5))!
For the first scenario, we have to face the possibilities of declining price for the reminder of the week. A price range for a correction should be at or around the 17971-17830! Here, a possible wave ((iv)) can stop!
If today's high was indeed a wave i of wave ((5)) the path has been set, at my latter analysis, and a new ATH should be possible! This would be the case above 18604!
So, let's wait for the next pattern and tomorrow's session.
Have a great Wednesday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 has failed to advance to a new high for the year. It stopped the advance at 18296 within an intraday spike!
But what does it mean for our count idea?
Let's check the pattern.
Overall to speak, the advance was forecasted and you, as my fellow readers and followers, have been prepared for this scenario. Today's move should have ended a wave ((5)) of iii, or it is wave i of ((5))!
For the first scenario, we have to face the possibilities of declining price for the reminder of the week. A price range for a correction should be at or around the 17971-17830! Here, a possible wave ((iv)) can stop!
If today's high was indeed a wave i of wave ((5)) the path has been set, at my latter analysis, and a new ATH should be possible! This would be the case above 18604!
So, let's wait for the next pattern and tomorrow's session.
Have a great Wednesday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!