Hello Traders,
NIFTY50 has made a "three down" since the high @ 20222 to 18837! This could be the whole correction and a new up move has started since! But is this rise sustainable! Let's check the pattern.
Possible wave ((c)) of the pattern reversed shy above the 1.236 Fibo extension of wave ((a))! The push to 19463 (Thursday's high) is not clearly an impulsive move, nor does it seem to be done.
If N50 pushes above 19463, the door is open to 19849; a wave ((b)) high on Tuesday 17!
But; if N50 fails to extend this high, a pullback to the minimum 191xx zone (rising trendline) is thinkable, in extension to the 18973 area!
Seasonally, the cards are on the table for a rising price ("Christmas rally")! But nothing is certain!
An alternative bearish count could see the possible wave ((b)) high as a wave 2 of higher degree and a sell-off within a wave 3!
As you can see! Many counts are on the table and I recommend not to hold positions over the weekend!
I will clear the chart as soon as possible!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 has made a "three down" since the high @ 20222 to 18837! This could be the whole correction and a new up move has started since! But is this rise sustainable! Let's check the pattern.
Possible wave ((c)) of the pattern reversed shy above the 1.236 Fibo extension of wave ((a))! The push to 19463 (Thursday's high) is not clearly an impulsive move, nor does it seem to be done.
If N50 pushes above 19463, the door is open to 19849; a wave ((b)) high on Tuesday 17!
But; if N50 fails to extend this high, a pullback to the minimum 191xx zone (rising trendline) is thinkable, in extension to the 18973 area!
Seasonally, the cards are on the table for a rising price ("Christmas rally")! But nothing is certain!
An alternative bearish count could see the possible wave ((b)) high as a wave 2 of higher degree and a sell-off within a wave 3!
As you can see! Many counts are on the table and I recommend not to hold positions over the weekend!
I will clear the chart as soon as possible!
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!