Hello Traders,
NIFTY50 has reacted on its way down at 18000-17900 area to the upside, with a sharp, but short counter trend!
After it was done, weakness has returned to N50 and put pressure to the downside again. My „critical“ price area was achieved, and in the coming days we have to watch closely what's next for India price index!
At 17484-17211 area, market has to react to the upside. Here, an important support level is placed, and it will be interesting to see, if traders will watch this area!
At 17338, wave c (?)=1.618 of wave a (?) and this is often a level, where a reaction should occur.
A break of the lower price level would be a bearish sign (daily closing price to watch) and should open the door to 166xx levels! In this case, I would expect a correction to be extended and morph into a double one (flat or zigzag)!
For now, the levels got set and on Monday we should watch the opening closely.
Many, if not all, will depend on behaviour of the US markets!
Have a great weekend.....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 has reacted on its way down at 18000-17900 area to the upside, with a sharp, but short counter trend!
After it was done, weakness has returned to N50 and put pressure to the downside again. My „critical“ price area was achieved, and in the coming days we have to watch closely what's next for India price index!
At 17484-17211 area, market has to react to the upside. Here, an important support level is placed, and it will be interesting to see, if traders will watch this area!
At 17338, wave c (?)=1.618 of wave a (?) and this is often a level, where a reaction should occur.
A break of the lower price level would be a bearish sign (daily closing price to watch) and should open the door to 166xx levels! In this case, I would expect a correction to be extended and morph into a double one (flat or zigzag)!
For now, the levels got set and on Monday we should watch the opening closely.
Many, if not all, will depend on behaviour of the US markets!
Have a great weekend.....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!