Hello Traders,
Nifty 50 declined to 10782 today and recovered from that level. This level is may a wave (iii) within a not finished sell-off. Means lower prices after a countertrend move is to expect. Overall there are several ways to interpret the developments as of the past days and weeks, so the chart is open to interpretation.
As labeled below the chart, the count is possible a wave „c“ of „4“ in progress, again it is not done short term.
Another interpretation is, that at 12103 a wave „5“ of high degree has ended and N50 is in the first steps of a major correction!
If the first interpretation workout, after a sharp and brief countertrend a new low will occur, driving N50 much below the wave (iii) low as of today. As you know, wave „4“ pattern of any degree can turn into massive and long, in terms of time, lasting market action. So a triangle is one opportunity for the alternate view.
If the countertrend will be sharp and brief, N50 will rise in the coming hours or so to 11080- 11135, both are which included wave „4“ levels of lesser degrees. A good hint for this opportunity is an advance above the blue declining trendline, which will open the door, after a successful retest, the forenamed areas.
After that, if so to come, a new low is to expect. A first target area is @ 10613, were wave (v)=(i). More bearish potential exists.
I will keep you updated in the coming hours.
Have a great and fearless week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Nifty 50 declined to 10782 today and recovered from that level. This level is may a wave (iii) within a not finished sell-off. Means lower prices after a countertrend move is to expect. Overall there are several ways to interpret the developments as of the past days and weeks, so the chart is open to interpretation.
As labeled below the chart, the count is possible a wave „c“ of „4“ in progress, again it is not done short term.
Another interpretation is, that at 12103 a wave „5“ of high degree has ended and N50 is in the first steps of a major correction!
If the first interpretation workout, after a sharp and brief countertrend a new low will occur, driving N50 much below the wave (iii) low as of today. As you know, wave „4“ pattern of any degree can turn into massive and long, in terms of time, lasting market action. So a triangle is one opportunity for the alternate view.
If the countertrend will be sharp and brief, N50 will rise in the coming hours or so to 11080- 11135, both are which included wave „4“ levels of lesser degrees. A good hint for this opportunity is an advance above the blue declining trendline, which will open the door, after a successful retest, the forenamed areas.
After that, if so to come, a new low is to expect. A first target area is @ 10613, were wave (v)=(i). More bearish potential exists.
I will keep you updated in the coming hours.
Have a great and fearless week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!