Hello traders,
The NIFTY50 reached a new ATH on Monday the 15th at 22124.
After this new "milestone" it fell to 21285 on Thursday the 18th. But since this possible wave 5 of the (3) high @ 21801 on the 28th, it has been moving within a clear "three-up", indicating a corrective move within an impulsive advance. The up and down pattern could be an (A)-(B)-(C) of (4).
If so, the next move should be up with a new ATH!
But keep an eye on the internal structure of this pattern!
From a candlestick perspective, the pattern from the 17th to the 19th was a "morning star", a bullish one!
The next day, the N50 formed a bearish engulfing, indicating weakness in the coming days.
Which pattern will be stronger and take control of the market?
Well, we will see in the coming week and report in the next update ahead!
Have a great week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
The NIFTY50 reached a new ATH on Monday the 15th at 22124.
After this new "milestone" it fell to 21285 on Thursday the 18th. But since this possible wave 5 of the (3) high @ 21801 on the 28th, it has been moving within a clear "three-up", indicating a corrective move within an impulsive advance. The up and down pattern could be an (A)-(B)-(C) of (4).
If so, the next move should be up with a new ATH!
But keep an eye on the internal structure of this pattern!
From a candlestick perspective, the pattern from the 17th to the 19th was a "morning star", a bullish one!
The next day, the N50 formed a bearish engulfing, indicating weakness in the coming days.
Which pattern will be stronger and take control of the market?
Well, we will see in the coming week and report in the next update ahead!
Have a great week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.