Description
⋅ Hello Traders,
NIFTY50 has moved to one lower low @16747.70. After, a sharp reversal to the upside occur and pushed N50 to 17107 on a closing basis. Intraday high was @ 17187.10!
I wrote at my latter analysis, that „a sharp „v-reversal“ should occur in the coming hours“ if this was the end of the decline, within a wave ((y)) of iv!
So, I guess, it is too early to judge, but the odds do rise for this scenario, if N50 will extend his gains to close the gap at 17332, closing basis.
I have changed the wave count to a wave © pattern, to show the difference between a wave c and (y) of the same degree.
If it was a wave ((c)) of iv, wave c has to morph into an impulsive move, count as a 1-2-3-4-5!
So in this case, we need to see one more low below the 16747.70!
If it is a waves (c) of ((y)) of iv, we need to see at minimum 2 more lows at the 4h chart.
So, a good price target for the latter scenario will be at or around the 16443 range. Here, a wave's 4 of lower degree was counted!
Anyway. We wait for one lower low at Monday's session.
After it should occur, I will update the count again.
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!