Hello Traders, NIFTY50 has gaped above the high @17428.80, the wave (x) level and made this resistance be a support area! After a back test off this area, N50 has risen to 17670! This move should be part of waves (3) of 1 or (3) of waves (v)! In both cases, the path for the nest 2-3 days has been set! Rising price to or around 18000-181xx levels. The alternate scenario is, that after a top has formed within a wave x2, the route is down to 16950-167xx range, and it would complete a w-x-y-x2-z-pattern. This is not my favorite, but we're not on "make a wish" here!
So, be ready for an interesting week.
Have a great weekend..... Ruebennase
Feel free to ask or comment! Trading this analysis is at your own risk!