Hello Traders, NIFTY50 has tumbled into my cited target area from 16848-16563. The „bearish Engulfing“ plays out; it can be complete (price and time targets), but to me doesn't seam to be complete to the downside. So more selling-pressure is possible!
As before. A decline below 16563 on a daily close opens the door to 16165. More bearish potential exist! On the other hand; it needs a bullish move above 17139 to rise to ~17350 area. A move above that level would end the correction shorthand. So, be patient these days. Have a great Friday..... Ruebennase
Feel free to ask or comment! Trading this analysis is at your own risk!