Hello Traders,
NIFTY50 made low on February 26 at 14467, built a „Hammer-candle“ and reversed to the upside. It looks like it was all of the correction at this low and a w-x-y within a wave (2) was done.
If so, the pattern since could be a series of one's and two's, where wave 2 developed as a w-x-y (running-flat) pattern. If so to come, a strong move to the upside should be underway, with a wave 3 in progress.
For now, the structure is not clear to me, and I like to see more in the coming hours.
Below the level of the wave (1) high at 15431 a variation of different patterns are possible.
Hopefully in the coming days N50 will clear the structure and their path!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 made low on February 26 at 14467, built a „Hammer-candle“ and reversed to the upside. It looks like it was all of the correction at this low and a w-x-y within a wave (2) was done.
If so, the pattern since could be a series of one's and two's, where wave 2 developed as a w-x-y (running-flat) pattern. If so to come, a strong move to the upside should be underway, with a wave 3 in progress.
For now, the structure is not clear to me, and I like to see more in the coming hours.
Below the level of the wave (1) high at 15431 a variation of different patterns are possible.
Hopefully in the coming days N50 will clear the structure and their path!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!