Hello Traders,
NIFTY50 has risen to new high's in the past week. It achieved both, on a closing and an intraday-high! The forecast is still valid, while N50 is on track to 160000 area!
On a daily basis I have counted the move from the possible wave z of ((iv)) low at 14151 as waves one and two, where wave two was developing as an w-x-y pattern, a running flat, which is a strong bullish sign!
Keep in mind, that there is never one correct count! There may be only one count with the highest probability!
The break above the upper boundary of the trend channel, blue, and the failed (first) break above that level was another waves one and two of one lower degree! On May 21 N50 broke above that trend line with massive volume and rocketed to a new high. At the hourly chart the count should be clearer. A series of one's and two's (in progress) is the most possible scenario for the coming days ahead.
A first bearish sign, (not awaited by myself) would be a break of the rising trend line (green) which crosses 151xx area on Monday! A break on a daily close would be necessary!
I will try to count N50 closer in the coming days ahead and publish my next update around Tuesday or Wednesday!
Have a great Sunday....stay healthy!
Ruebennase
Feel free to ask or comment!
Trading this analysis is at our own risk!
NIFTY50 has risen to new high's in the past week. It achieved both, on a closing and an intraday-high! The forecast is still valid, while N50 is on track to 160000 area!
On a daily basis I have counted the move from the possible wave z of ((iv)) low at 14151 as waves one and two, where wave two was developing as an w-x-y pattern, a running flat, which is a strong bullish sign!
Keep in mind, that there is never one correct count! There may be only one count with the highest probability!
The break above the upper boundary of the trend channel, blue, and the failed (first) break above that level was another waves one and two of one lower degree! On May 21 N50 broke above that trend line with massive volume and rocketed to a new high. At the hourly chart the count should be clearer. A series of one's and two's (in progress) is the most possible scenario for the coming days ahead.
A first bearish sign, (not awaited by myself) would be a break of the rising trend line (green) which crosses 151xx area on Monday! A break on a daily close would be necessary!
I will try to count N50 closer in the coming days ahead and publish my next update around Tuesday or Wednesday!
Have a great Sunday....stay healthy!
Ruebennase
Feel free to ask or comment!
Trading this analysis is at our own risk!