Hello Traders, NIFTY50 took 16261 off the board; just with a „simple“ gap-up! It opens Friday's session at 16300, shows a short-term correction and run to 16352 on a closing basis (intraday high @ 16370). So, N50 has the potential to advance to 16414 and set new high's in consequence. Note, that there is one more open gap from 16661.95 to 16387.25, left by trading from May 04-06! Once price is moving into the open gap range, it act's as a „magnet“ and will be closed pretty soon! Overall we have the price- and target range for N50 in the coming 1-2 day's, at latest for the week. More bullish potential exist. But keep in mind, that the corrective pullback's will be sharp and deep! It needs a break of the levels at 15711 range to turn the pages to the bearish side; but this is not expected! Have a great weekend.... Ruebennase
Feel free to ask or comment! Trading this analysis is at your own risk!
What's a corrective Pullback? Will it happen If tomorrow It doesn't give a gap-up? Is this impulse move 1-2 , 1-2, next 3? Or This is Just abc ? And mvoes down?
ruebennase
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@wallnutguy Hi, an "corrective pullback" means an a-b-c or a w-x-y down in this case. Are u familar with the Elliott waves? Regards
wallnutguy
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@ruebennase, Hello! Thanks. Yes I'm bit familiar with Elliott. Accoding to my analysis. Nifty will come down to 14.2k So, Just waiting to buy CE after the completion of correction. Until then just watching for shorting opportunities in Intraday in stocks. So that's the reason I wanted to know whether this is upward 1-2 , 1-2 and going for 3? Or just corrective waves happening right now.
Raahuls
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Is it the gap from 16661 to 16487 and not 16387, right ?