Hello Traders,
a wild ride has been seen for NIFTY50 this week! As I recommend sideline @ my latter analyses, this notice was helpful and saved some accounts!
But what's next for India and the stock market?
Let's check the pattern.
As to observe at the daily chart, you can see, that the rise from15183 has touched and spiked above the wave x² high @18114 on April 4th! This level often act as a resistance and will turn into a support, once it is overcome.
So the box, marked with the green rectangle, is to eliminate to the upside for higher price still! Once this occurred, the door is open to new ATH!
But analyzing the pattern on a lower timeframe, we will notice the 3-ave-structure in itself!
Beginning at the left-hand corner of the rectangle, the first move down is to recognize as a „three“-down.
The next move up also. The key for the next move is the decline from 18096 to 16747 is still a3-down or was it an impulse down, that ended the a-b-c pattern which is possible to count? In this case and overall to speak the pattern from August 17 – September 30 was a correction, that was done since end of September!
The start from the September lows could be counted as a 1 – w – x – y - 2- pattern and N50 will explode in the coming days ahead!
As a note to recall! The September low finished a wave (iv) in this case!
I have visualized a possible path for the move to the upside. If so to come....? We will see....
On the other hand!
If the correction was not done @ 16747, we still face one more lower low to come in the coming week.
For this scenario, which is still possible the count would change from the high at 18096 as a wave y of (iv), and the structure to the downside would be a waves a-b-c-d-e (triangle-pattern)!
(The wave „x“ would be waves „d“ of the pattern, with a wave „e“ to come!)
Feel free to ask if something confused or is not clear in my thoughts!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
a wild ride has been seen for NIFTY50 this week! As I recommend sideline @ my latter analyses, this notice was helpful and saved some accounts!
But what's next for India and the stock market?
Let's check the pattern.
As to observe at the daily chart, you can see, that the rise from15183 has touched and spiked above the wave x² high @18114 on April 4th! This level often act as a resistance and will turn into a support, once it is overcome.
So the box, marked with the green rectangle, is to eliminate to the upside for higher price still! Once this occurred, the door is open to new ATH!
But analyzing the pattern on a lower timeframe, we will notice the 3-ave-structure in itself!
Beginning at the left-hand corner of the rectangle, the first move down is to recognize as a „three“-down.
The next move up also. The key for the next move is the decline from 18096 to 16747 is still a3-down or was it an impulse down, that ended the a-b-c pattern which is possible to count? In this case and overall to speak the pattern from August 17 – September 30 was a correction, that was done since end of September!
The start from the September lows could be counted as a 1 – w – x – y - 2- pattern and N50 will explode in the coming days ahead!
As a note to recall! The September low finished a wave (iv) in this case!
I have visualized a possible path for the move to the upside. If so to come....? We will see....
On the other hand!
If the correction was not done @ 16747, we still face one more lower low to come in the coming week.
For this scenario, which is still possible the count would change from the high at 18096 as a wave y of (iv), and the structure to the downside would be a waves a-b-c-d-e (triangle-pattern)!
(The wave „x“ would be waves „d“ of the pattern, with a wave „e“ to come!)
Feel free to ask if something confused or is not clear in my thoughts!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!