Hello Traders,
NIFTY 50 has achieved the 17600 levels as forecasted. It moved to 17639, what completes a „three-up“ and reversed strong to the downside.
What to expect for the coming days?
The decline from the possible wave „c“ (blue) high at 17639 is just a corrective move (three-down) and it would fit well into the overall look, as a possible wave b or x pattern on one higher degree.
If the level of 16782 would be broken to the downside, the door should be open to 16700-16400 area. In this case, I have to change the wave labels.
Another idea for the count is, that a „broadening-wedge“ is developing. This pattern is counted as an a-b-c-d-e move, a so called „trumpet“; this pattern will cost traders a lot of money, `cause it will create many of failed signals.
Anyway! Following this idea, the blue wave c would be a wave „d“ of one higher degree, and a „three-down“ is next to expect. This would complete with a wave „e“ of wave ((4)), orange! A move above the 17639 would eliminate the pattern, and should open the door to 18200 levels.
In 2021 N50 has risen more than 4500 points at top, without any longer or sharp correction on higher time degrees. Sooner or later, the market will catch up without destroying the chart picture!
As long as N50 is trading below it's ATH at 18604 the possible corrective target could be around 15500 levels! But it is too early to judge this scenario!
I wish all readers and their families a blessed Christmas, health and peace wherever you may live.
Merry Christmas!
Have a great Sunday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk
NIFTY 50 has achieved the 17600 levels as forecasted. It moved to 17639, what completes a „three-up“ and reversed strong to the downside.
What to expect for the coming days?
The decline from the possible wave „c“ (blue) high at 17639 is just a corrective move (three-down) and it would fit well into the overall look, as a possible wave b or x pattern on one higher degree.
If the level of 16782 would be broken to the downside, the door should be open to 16700-16400 area. In this case, I have to change the wave labels.
Another idea for the count is, that a „broadening-wedge“ is developing. This pattern is counted as an a-b-c-d-e move, a so called „trumpet“; this pattern will cost traders a lot of money, `cause it will create many of failed signals.
Anyway! Following this idea, the blue wave c would be a wave „d“ of one higher degree, and a „three-down“ is next to expect. This would complete with a wave „e“ of wave ((4)), orange! A move above the 17639 would eliminate the pattern, and should open the door to 18200 levels.
In 2021 N50 has risen more than 4500 points at top, without any longer or sharp correction on higher time degrees. Sooner or later, the market will catch up without destroying the chart picture!
As long as N50 is trading below it's ATH at 18604 the possible corrective target could be around 15500 levels! But it is too early to judge this scenario!
I wish all readers and their families a blessed Christmas, health and peace wherever you may live.
Merry Christmas!
Have a great Sunday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk