Hello Traders,
on February 01, NIFTY50 has shown a wild ride!
After a positive start of the session, it declined in a massive selling panic to 17353, where it bottomed and set a new low in a possible wave ((c)) of y!
Here, too, it touched the declining trend line, connecting the highs of 18598-18383!
After it reversed and move to 17854 on a closing price!
Was it all of the correction, or is more selling pressure to come in the coming days?
If the correction has to retrace the advance from 16647, it could be all. At least, one more lower low is allowed to my view below this level. It probably can retrace the level of 17130, some point more or less are to ignore!
Notice; it is allowed to correct lower, but from an EW-view, below the 0.786 retracement the chance is less to be a wave 1 correction!
Of course, it needs an advance above the peal of 17972 to establish a new bullish idea, and on the way up, if so to come, there are some resistance levels.
A decline on a daily closing price below the 17575 will open the door for more selling pressure. At this level, buyers will come into situation to hedge their long-positions!
Update is coming soon.
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this idea will be at your on risk!
on February 01, NIFTY50 has shown a wild ride!
After a positive start of the session, it declined in a massive selling panic to 17353, where it bottomed and set a new low in a possible wave ((c)) of y!
Here, too, it touched the declining trend line, connecting the highs of 18598-18383!
After it reversed and move to 17854 on a closing price!
Was it all of the correction, or is more selling pressure to come in the coming days?
If the correction has to retrace the advance from 16647, it could be all. At least, one more lower low is allowed to my view below this level. It probably can retrace the level of 17130, some point more or less are to ignore!
Notice; it is allowed to correct lower, but from an EW-view, below the 0.786 retracement the chance is less to be a wave 1 correction!
Of course, it needs an advance above the peal of 17972 to establish a new bullish idea, and on the way up, if so to come, there are some resistance levels.
A decline on a daily closing price below the 17575 will open the door for more selling pressure. At this level, buyers will come into situation to hedge their long-positions!
Update is coming soon.
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this idea will be at your on risk!