NIFTY50 open the week with a gap down @11605.90 and made a weekly low at 11251.50, closed the week @ 11257.70. A loss of 357 points (open to close).
As per my count, this weeks low is may a wave (5) of ((c)) of „ii“ and finished the decline from 11849.50 or it is wave (a) of an „a-b-c-flat-pattern.
N50 traveld all the way down into the price range of a wave „4“ of one lesser degree, a common target zone for a correction. While this weeks low has given the minimum requirement for a wave „5“ by making a new low below the wave (3) low at 11255. In fact, the possible wave (5) low falls really shy in contrast to the lenght of wave (1), this weeks opening stab!
So, if the low at 11251 is just the first leg of wave (5) of ((c)) we have a cited target range 11217.83, which is the 0.5 Fibonacci (10585-11849) and the .618 Fibonacci @ 11068.63, which is just tics above an open gap, left by trading of March 08,02019 @11038.
So, to my view the targets are set and N50 is close to rally and set a new impulsive advance.
The downside obejtive is, that N50 has no buisiness to trade below the 10785.20 level, the close as of February 27,02019. Any close below this zone will rescind this forecast.
Have a great week....
Feel free to ask or comment.
Trading this analyze is at your own risk!