Hello Traders, NIFTY50 achieved 18604 and finished an impulsive move. The running correction is either all of it or it is a wave a/w of an a-b-c (w-x-y) correction. On the daily chart you will observe, that a „bearish-engulfing was created at top, and since it happened, N50 is on retreat to targets 18000-17900 area first! Note that some tics have left at chart to close the open gap on October 12-13. It should be closed in the coming hours, and at ~17900, area market should react to the upside. Trading below 17600 would let me argue that something bigger was done at the top! While N50 was rising since it's low at 15513 without any longer (price) correction, the potential for a larger pull back is given to ~17300 area. Here, it would met my long-term favoured support area (rectangle)! For now, the correction has just „one leg“ and I think after a bullish pull back that would end below the ATH, the second log down has to follow and should bring N50 into the price area I mentioned some lines higher!
Have a great Sunday..... Ruebennase
Feel free to ask or comment! Trading this analysis is at your own risk!
thanks for the work on NIfty 50