Because of heavy bronchitis, there have been no updates last week.
Hopefully can go on this week with my analyzes!------------------------
NIFTY50 opened today`s session with a gap up (to 12137.05) and declined for the remainder of the day! This makes the odds high, that something was „done“ at today´s top! Last week's high at 12157 was the highest high since the week of June 03, but this move (from 10637) does not like impulsive to my view!
Moreover, we can see a candle at the weekly chart, showing intensive selling pressure last week, and today`s candle is , too. Another fact is due to the chart, `cause the retracement of the countertrend, that was done this morning is a bit more than a 0.8 Fibonacci of the first leg down. Making the odds high, that a „flat-structure“ is progressing.
If so to come, a first target is around the 11997 area, was wave „c“=“a“! At 11987 a 0.618 Fibonacci of the advance from 11883-12157 will be achieved. More potential exists.
A solid close below 11941 will strengthen further weakness for N50 and will open the chart for differing interpretations.
Have a great week
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Trading this analyze is at your own risk!