Hello Traders,
NIFTY50 closed this week up to 1.02% (according to teletrader.com)!
The move from the low @ 10782 to 11181 is so far a „three-up“, indicating a countertrend, for now, that is done or close to do so. It also retraced a bit more of the 0.382 Fibonacci of the decline from 11706 and met two waves „4“ level of lesser degree and expand shy above this area.
If so to come, the next week will be a „down“ week with prices that may be below the 10782 area. This move would complete either wave „ii“ of (i) of „((c)) or it is all of wave ((c)) of „4“ (note the degree`s)!
The latter opportunity is the one with the lower probability, `cause the wave would be to short in relation to the waves ((a)) and ((b)).
So I played the first valid interpretation that a wave (i) will be complete if one lower low to follow in the coming hours and 1-2 days or so below 10782.60.
Another valid interpretation for the wave count is, that the supposed wave ((b)) high is wave (i) of ((i)) of „5“!
The pullback from the high @ 12103 retraced a 0.618 Fibonacci of the advance from 10004-12103. This level is a common target area for a wave „2“ of any degree.
So, to favor this count, new ATH`s are at forefront in the coming days and weeks.
Have a great weekend...
Feel free to ask or comment.
Trading this analyze is at your own risk!
NIFTY50 closed this week up to 1.02% (according to teletrader.com)!
The move from the low @ 10782 to 11181 is so far a „three-up“, indicating a countertrend, for now, that is done or close to do so. It also retraced a bit more of the 0.382 Fibonacci of the decline from 11706 and met two waves „4“ level of lesser degree and expand shy above this area.
If so to come, the next week will be a „down“ week with prices that may be below the 10782 area. This move would complete either wave „ii“ of (i) of „((c)) or it is all of wave ((c)) of „4“ (note the degree`s)!
The latter opportunity is the one with the lower probability, `cause the wave would be to short in relation to the waves ((a)) and ((b)).
So I played the first valid interpretation that a wave (i) will be complete if one lower low to follow in the coming hours and 1-2 days or so below 10782.60.
Another valid interpretation for the wave count is, that the supposed wave ((b)) high is wave (i) of ((i)) of „5“!
The pullback from the high @ 12103 retraced a 0.618 Fibonacci of the advance from 10004-12103. This level is a common target area for a wave „2“ of any degree.
So, to favor this count, new ATH`s are at forefront in the coming days and weeks.
Have a great weekend...
Feel free to ask or comment.
Trading this analyze is at your own risk!