Hello Traders,
NIFTY50 set a new high @ 18508 on Friday. This topped above 18454, the high on May 15. From a technical perspective, that means a fresh "buy-signal" was set!
From an EW perspective it looks to me, that all the moves since the high on May 15 are waves, with a corrective character!?
Anyway! Above 18060, the low on May 19, the trend is long and a new ATH could be next. One more price target, within the coming week, is at or around 18671-18614; a possible wave b high on December 14`22!
A first hint for a top in place, could be a drop below 18200 range, with more bearish potential!
Keep in mind, that the moves can also morph into a w-x-y pattern, with other price targets to correct!
For short, the advance from 18060 must extend to ~18720 + x area, to become an impulsive character! This would fit my idea of the price targets, mentioned before.
We will see, how market will meet his decisions!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 set a new high @ 18508 on Friday. This topped above 18454, the high on May 15. From a technical perspective, that means a fresh "buy-signal" was set!
From an EW perspective it looks to me, that all the moves since the high on May 15 are waves, with a corrective character!?
Anyway! Above 18060, the low on May 19, the trend is long and a new ATH could be next. One more price target, within the coming week, is at or around 18671-18614; a possible wave b high on December 14`22!
A first hint for a top in place, could be a drop below 18200 range, with more bearish potential!
Keep in mind, that the moves can also morph into a w-x-y pattern, with other price targets to correct!
For short, the advance from 18060 must extend to ~18720 + x area, to become an impulsive character! This would fit my idea of the price targets, mentioned before.
We will see, how market will meet his decisions!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!