Hello Traders,
NIFTY50 topped on Tuesday @ 15660 with a bearish candle. Today it opened at 15520 and reversed to close at 15576.20.
The picture is not clear as it seams.
So it could be, that at yesterdays top a corrective pattern has endet, may be a wave x and the next move is to the downside within a wave y!
On the other hand. The decline from Tuesday to today`s low (hourly chart) is probably a „three-down“, indicating the short term trend is still up!?
Anyway! Following the idea that the move from the possible wave 2 (blue) low at 14884.90 area was a wave one, and the current run to 15660.75 a wave 3, it is clear to say, that a stopp level for all bulls is at 15317.25, the possible wave 1 (blue) high!
So today`s correction could be all of wave 4 or it is just wave a of 4!
Note, that at 15404-15360 a Fibo-cluster is placed, were waves c is 1.618 the length of wave a.
Here wave 4 should end if so to come!
To confuse you much more (:-)), the move from the wave 2 (blue) low to yesterday`s high could be another waves one and two. In this case, the stopp for the bulls is at the wave two low at 14890 area to set!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this anlysis is at your own risk!
NIFTY50 topped on Tuesday @ 15660 with a bearish candle. Today it opened at 15520 and reversed to close at 15576.20.
The picture is not clear as it seams.
So it could be, that at yesterdays top a corrective pattern has endet, may be a wave x and the next move is to the downside within a wave y!
On the other hand. The decline from Tuesday to today`s low (hourly chart) is probably a „three-down“, indicating the short term trend is still up!?
Anyway! Following the idea that the move from the possible wave 2 (blue) low at 14884.90 area was a wave one, and the current run to 15660.75 a wave 3, it is clear to say, that a stopp level for all bulls is at 15317.25, the possible wave 1 (blue) high!
So today`s correction could be all of wave 4 or it is just wave a of 4!
Note, that at 15404-15360 a Fibo-cluster is placed, were waves c is 1.618 the length of wave a.
Here wave 4 should end if so to come!
To confuse you much more (:-)), the move from the wave 2 (blue) low to yesterday`s high could be another waves one and two. In this case, the stopp for the bulls is at the wave two low at 14890 area to set!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this anlysis is at your own risk!