Hello Traders,
Happy holidays and best wishes for 2024!
The NIFTY50 has so far closed at 21593, just 99 points below my stated target. This leaves some room for the next sessions.
On Wednesday, the N50 gave a sell-signal, a bearish-engulfing daily. This signal was confirmed the next day with a lower low below the signal candlestick. It is valid as long as the price is trading below the high at 21593! So there is a good argument for price to go lower, and a target for this scenario is at or around the 20769 area, a lower degree wave 4.
But if price extends gains above this area (21593) a new buy-signal is established, `because the best buy-signal is a failed sell-signal.
And when that happens, my target area is in focus again. Depending on when and if this happens, the upper border (blue line) of the trend-channel I have drawn on the chart could be another resistance.
So in summary. At 21693 an impulse wave can be done. More bearish targets should come into focus.
For this scenario to come, we will wait for clear signals and update the count and ideas.
Have a great week!
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
Happy holidays and best wishes for 2024!
The NIFTY50 has so far closed at 21593, just 99 points below my stated target. This leaves some room for the next sessions.
On Wednesday, the N50 gave a sell-signal, a bearish-engulfing daily. This signal was confirmed the next day with a lower low below the signal candlestick. It is valid as long as the price is trading below the high at 21593! So there is a good argument for price to go lower, and a target for this scenario is at or around the 20769 area, a lower degree wave 4.
But if price extends gains above this area (21593) a new buy-signal is established, `because the best buy-signal is a failed sell-signal.
And when that happens, my target area is in focus again. Depending on when and if this happens, the upper border (blue line) of the trend-channel I have drawn on the chart could be another resistance.
So in summary. At 21693 an impulse wave can be done. More bearish targets should come into focus.
For this scenario to come, we will wait for clear signals and update the count and ideas.
Have a great week!
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.