Hello Traders, NIFTY 50 made a new ATH with a „spike“ @ 17792.95 on Friday. It reversed and closed the open gap, established by the opening the same day. This is a bear trap! I expect new ATH`s at or around 18450 in the coming weeks ahead!
At the hourly chart, you will notice the „bearish-candle-formation at the top! A so called „evening-star“! It gaped to the upside, creates a „doji“ at top and reversed after! This formation has nothing to do for at a top! A "bear-trap“! Either the top was a wave 3 of five or it is a double 1-2 developing in the coming hours and days. May there be some sharp and swift corrective setbacks intraday in the hours and days ahead, but the overall outlook is bullish! If N50 close below 17370 area on an hourly basis with massive bear-pattern (i.e. Candlestick pattern) I will readjust my forecast. Have a great Sunday..... Ruebennase
Feel free to ask or comment! Trading this analysis is at your own risk!