Hello Traders,
as I wrote in my latter analysis, NIFTY50 took the "last" chance to reverse the trend!
After three red candles, building a bottom at or around 16910-16920, trend reverse and popped up with bullish volume above my cited, important range @ 16207. The week's close was at 17359!
From an Elliott wave perspective, we have two alternates.
First is, this move to the upside is a wave c/y of a bearish move, that could extend to 17442 range and then decline once again!
Or it is part of a new bullish move that will extend much higher in the coming days.
For the latter case, we have to stay above 16207 and much more important above the 16910-16920 area! Any decline below this area could open the door to lower lows, including a "crash"!
On his possible way up, we have multiple gaps at the upside which can be filled, and a common target range is at or around the 17759-18100-18200 area!
So the coming week will be interesting and, very important for the bulls.
I will try to update the count on Wednesday. Hopefully I will catch some time to do so!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
as I wrote in my latter analysis, NIFTY50 took the "last" chance to reverse the trend!
After three red candles, building a bottom at or around 16910-16920, trend reverse and popped up with bullish volume above my cited, important range @ 16207. The week's close was at 17359!
From an Elliott wave perspective, we have two alternates.
First is, this move to the upside is a wave c/y of a bearish move, that could extend to 17442 range and then decline once again!
Or it is part of a new bullish move that will extend much higher in the coming days.
For the latter case, we have to stay above 16207 and much more important above the 16910-16920 area! Any decline below this area could open the door to lower lows, including a "crash"!
On his possible way up, we have multiple gaps at the upside which can be filled, and a common target range is at or around the 17759-18100-18200 area!
So the coming week will be interesting and, very important for the bulls.
I will try to update the count on Wednesday. Hopefully I will catch some time to do so!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!