Hello Traders,
NIFTY 50 has advanced to the forecasted level at 12856 and piked higher to 12963.
So the move from the possible wave ((iv)) low at 10790 is either a 1-2-3 or a double 1-2. The consequence would be the same. The trend should continue to the upside and the next target area ranges from 13137.50 - 13399.5 area!
After the break of the former ATH for N50 it should be, that the index will be testing this high at 12430.50 to establish the breakout. So, short-term a pullback is possible to that area. This level should act as support and after the trend should resume to the upside. Note that there are some open-gaps at the latter wave of advance and may some, or all of them, should be closed! But this is not required!
But keep in mind, that a new high was reached and so the minimum expectation for a complete impulse is fulfilled!
Have a great weekend...
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY 50 has advanced to the forecasted level at 12856 and piked higher to 12963.
So the move from the possible wave ((iv)) low at 10790 is either a 1-2-3 or a double 1-2. The consequence would be the same. The trend should continue to the upside and the next target area ranges from 13137.50 - 13399.5 area!
After the break of the former ATH for N50 it should be, that the index will be testing this high at 12430.50 to establish the breakout. So, short-term a pullback is possible to that area. This level should act as support and after the trend should resume to the upside. Note that there are some open-gaps at the latter wave of advance and may some, or all of them, should be closed! But this is not required!
But keep in mind, that a new high was reached and so the minimum expectation for a complete impulse is fulfilled!
Have a great weekend...
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!