Hello Traders,
one lower low was to come for NIFTY 50 after my last analysis. It declined to 11251.70 to complete the first „five-down“ of wave 3. The countertrend after that move is clear three waves, and is either all of wave (ii)) or it is wave „a“ of (ii)). You can observe that the countertrend finally terminates in the range of a wave „4“ of lesser degree. This is a typical target for a wave (ii) or „a“!
If it was all of wave (ii) a decline below 11251.70 would strengthen the odds that wave (iii) has begun.
If it is wave „a“ of (ii) it should morph into a flat or a variation thereof. A possible scenario could be an „expanding-flat“ with a lower low to come and after a push above the 11251.70 area to complete the structure.
As before. It needs an advance above the 11794.25 level to make this idea invalid and tell us, that something other is developing.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!
one lower low was to come for NIFTY 50 after my last analysis. It declined to 11251.70 to complete the first „five-down“ of wave 3. The countertrend after that move is clear three waves, and is either all of wave (ii)) or it is wave „a“ of (ii)). You can observe that the countertrend finally terminates in the range of a wave „4“ of lesser degree. This is a typical target for a wave (ii) or „a“!
If it was all of wave (ii) a decline below 11251.70 would strengthen the odds that wave (iii) has begun.
If it is wave „a“ of (ii) it should morph into a flat or a variation thereof. A possible scenario could be an „expanding-flat“ with a lower low to come and after a push above the 11251.70 area to complete the structure.
As before. It needs an advance above the 11794.25 level to make this idea invalid and tell us, that something other is developing.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!