Hello Traders,
after days of warning that the trend is showing exhausting tendencies, the correction has started!
You have been prepared for that scenario.
On the rally, that started on June 17 @ 15183 NIFTY50 has risen to17992. This is within my extended price target range (17786-18114-18350), and N50 has touched the down slopping trend line (black) connecting the high's @ 18604-18350-18114. The last peak moved above the line, but this „breakout“ failed and price decline back below the line. So from a technical perspective, we have the chance for a „failed“ breakout“! This could be a bearish sign!
Following my wave count, the next move should be to the downside, as long as N50 is below the level of 17992!
A break of this level to the upside opens the door to 18114 (x² level) -1818350 range. But this is, short term, not expected!
For the bearish case, a shorthand target ranges at or around 17597 area. A break of this level opens the door for a gap-close to 17523 (closing basis) and below to 16940. Here, a wave 4 level of lower degree would be „undercut“!
These targets are my price levels for the coming week. In a bear-market“, which is far away from being established, declines always move faster than impulsive moves. So expect, for a sharp correction, to advance this targets within from 1-2 days probably!
Act with patient in the coming days.
Don't get lopsided; that inevitably leads to bad decisions!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
after days of warning that the trend is showing exhausting tendencies, the correction has started!
You have been prepared for that scenario.
On the rally, that started on June 17 @ 15183 NIFTY50 has risen to17992. This is within my extended price target range (17786-18114-18350), and N50 has touched the down slopping trend line (black) connecting the high's @ 18604-18350-18114. The last peak moved above the line, but this „breakout“ failed and price decline back below the line. So from a technical perspective, we have the chance for a „failed“ breakout“! This could be a bearish sign!
Following my wave count, the next move should be to the downside, as long as N50 is below the level of 17992!
A break of this level to the upside opens the door to 18114 (x² level) -1818350 range. But this is, short term, not expected!
For the bearish case, a shorthand target ranges at or around 17597 area. A break of this level opens the door for a gap-close to 17523 (closing basis) and below to 16940. Here, a wave 4 level of lower degree would be „undercut“!
These targets are my price levels for the coming week. In a bear-market“, which is far away from being established, declines always move faster than impulsive moves. So expect, for a sharp correction, to advance this targets within from 1-2 days probably!
Act with patient in the coming days.
Don't get lopsided; that inevitably leads to bad decisions!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!