Hello Traders,
back again with an update to NIFTY50!
The forecast as per my latter analysis worked out well!
NIFTY50 has risen to a new ATH after a break to the upside off the wedge! Breaks out of this pattern more often than not, move sharp and strong with higher volume and extend often!
So, the question is what will be next for India's stock market?
As to observe at the chart, N50 extend my target @ 20130 to 20222 today! This target level was first´called out on June, 22! More than 2,5 months ago.
So, different opportunities are given for the coming weeks ahead!
First is; as per my count, a wave 5 could be complete, so the next structure could move to the downside. Indeed, for this scenario, it needs a break off the 19229 on a daily close (at minimum).
But, after N50 broke the high @ 19991.85 to the upside and established a new ATH, the trend is to the upside, `cause once a trend is moving into the main direction it will not reverse so fast!
A pullback to the level of the "outbreak" (19991-19866) should not surprise and will establish the upside potential, as long as the 19229 is valid.
To me, the move up does not look complete, and I would favor furthermore upside potential in the coming week.
As before. It needs a break of 19229 to update the forecast!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
back again with an update to NIFTY50!
The forecast as per my latter analysis worked out well!
NIFTY50 has risen to a new ATH after a break to the upside off the wedge! Breaks out of this pattern more often than not, move sharp and strong with higher volume and extend often!
So, the question is what will be next for India's stock market?
As to observe at the chart, N50 extend my target @ 20130 to 20222 today! This target level was first´called out on June, 22! More than 2,5 months ago.
So, different opportunities are given for the coming weeks ahead!
First is; as per my count, a wave 5 could be complete, so the next structure could move to the downside. Indeed, for this scenario, it needs a break off the 19229 on a daily close (at minimum).
But, after N50 broke the high @ 19991.85 to the upside and established a new ATH, the trend is to the upside, `cause once a trend is moving into the main direction it will not reverse so fast!
A pullback to the level of the "outbreak" (19991-19866) should not surprise and will establish the upside potential, as long as the 19229 is valid.
To me, the move up does not look complete, and I would favor furthermore upside potential in the coming week.
As before. It needs a break of 19229 to update the forecast!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!