Hello Traders,
NIFTY 50 was moving sideways at the latter hours of trading. So this implies a pause in a trend, thi8s case to the upside. After the pause is done, N50 should rise to new highs above the 12022 on October 12!
The move underway fits best to the one, that occurs from September 29 -30 (one hour chart and highlighted with the blue ellipse) and was resolved with the start of a possible wave 3. The odds are high that we are in a wave 4 of the same degree. While this move is not clear a „three-down“ it could be that N50 is working at a „triangle“ structure that needs some hours to be complete.
Note how price walks out of the trend channel (blue lines) what often suggests the end of a wave 3 in this case.
While only one wave in an impulse can be the extended one, a price range for the wave ((v)) is rough ~ 500 points to the upside. But it is too early to judge.
We will observe the developing pattern in the coming hours to become more clear about what could be next.
The alternate view suggests new highs for N50 in the coming weeks and month ahead, if price is likely to extend above the ATH at 12430.
Have a great week...
ruebennase
Feel free to aks or comment!
Trading this analysis is at your own risk!
NIFTY 50 was moving sideways at the latter hours of trading. So this implies a pause in a trend, thi8s case to the upside. After the pause is done, N50 should rise to new highs above the 12022 on October 12!
The move underway fits best to the one, that occurs from September 29 -30 (one hour chart and highlighted with the blue ellipse) and was resolved with the start of a possible wave 3. The odds are high that we are in a wave 4 of the same degree. While this move is not clear a „three-down“ it could be that N50 is working at a „triangle“ structure that needs some hours to be complete.
Note how price walks out of the trend channel (blue lines) what often suggests the end of a wave 3 in this case.
While only one wave in an impulse can be the extended one, a price range for the wave ((v)) is rough ~ 500 points to the upside. But it is too early to judge.
We will observe the developing pattern in the coming hours to become more clear about what could be next.
The alternate view suggests new highs for N50 in the coming weeks and month ahead, if price is likely to extend above the ATH at 12430.
Have a great week...
ruebennase
Feel free to aks or comment!
Trading this analysis is at your own risk!