Hello Traders,
NIFTY50 extend his gains to 17157 today, extend my alternate price target well!
Following my count, this high could be a waves ((5)) of c of y!
So, in this case, the next move is a massive decline to at minimum, 16400 area!
Why this level? Waves, following the Elliott waves theories, always „come“ back to the wave „iv“ level of one lower degree. So, at this level, it would be the case.
Note. On its way up, we can see several gaps; as I wrote many times before. Gaps often act as a „magnet“ and will be closed pretty soon, once traders sell their positions.
If N50 is ready to extend its gains, the next target are should be around 17380-17500 area. Here, an open gap would be close.
Act with patient in the coming days. There are too many bulls on the floor!
Have a great weekend....
Ruebennase
Fell free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 extend his gains to 17157 today, extend my alternate price target well!
Following my count, this high could be a waves ((5)) of c of y!
So, in this case, the next move is a massive decline to at minimum, 16400 area!
Why this level? Waves, following the Elliott waves theories, always „come“ back to the wave „iv“ level of one lower degree. So, at this level, it would be the case.
Note. On its way up, we can see several gaps; as I wrote many times before. Gaps often act as a „magnet“ and will be closed pretty soon, once traders sell their positions.
If N50 is ready to extend its gains, the next target are should be around 17380-17500 area. Here, an open gap would be close.
Act with patient in the coming days. There are too many bulls on the floor!
Have a great weekend....
Ruebennase
Fell free to ask or comment!
Trading this analysis is at your own risk!