Hello Traders, NIFTY50 had a strong day, advancing +150 points. A/d-Ratio was strong at 5.2 and TRIN showing a solid 0,37 level. In total either the start of a wave „three of three“ or a fake move! The next hours and days will give the answer. As of my last analyse, I wrote that the level of 11549 is important to be valid. At 11564.9 N50 has reversed to the upside and retraced so far a Fibonacci of 0.618 (@ 11740.77), closing the day at 11722.25! The retracement is a typicall Fibonacci for a wave 2, as it is a target area for a wave „b“ of a Zigzag-pattern, which is possible to count, by observing the chart labels. As long as the ATH @ 11849.50 is valid, the focus is to the downside with targets at 11366.71, the 0.382 Fibonacci of the advance from 10585-11849) and the 11313 zone. The alternate count is to check below the graph and indicate a rise to new highs very soon. If anything interseting develop we will discuss it at this page. Have a great week..... ruebennase