Hello Traders,
NIFTY50 has declined, as cited in my latter analysis. It touches the 17171.95 level. This decline was just a part of the coming storm.
If N50 is tumbling below the 16955 area, the doors are open to 16631 and 16528-1616345 levels. More bearish potential exists.
From an Elliott wave perspective it could be, that the decline is part of an w-x-y-x-z pattern, or it is part of a triangle, labeled a-b-c-d-e!?
Anyway. The path is citing lower and the coming days will give the answer, with interest rates hiking higher at US markets, markets need to price the coming events, and it is really difficult to point the way.
A move above the 174xx are can open the door to 17660 and 17800 zones.
Have a great weekend....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 has declined, as cited in my latter analysis. It touches the 17171.95 level. This decline was just a part of the coming storm.
If N50 is tumbling below the 16955 area, the doors are open to 16631 and 16528-1616345 levels. More bearish potential exists.
From an Elliott wave perspective it could be, that the decline is part of an w-x-y-x-z pattern, or it is part of a triangle, labeled a-b-c-d-e!?
Anyway. The path is citing lower and the coming days will give the answer, with interest rates hiking higher at US markets, markets need to price the coming events, and it is really difficult to point the way.
A move above the 174xx are can open the door to 17660 and 17800 zones.
Have a great weekend....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!