Hello Traders,
NIFTY50 is on path with my analysis!
The high at 18210, the possible wave b high, was topped one day later, and the very next day N50 declined to a close at 17764.802.
This move down is part of a wave c or y!
A price target for this wave is at or around the 17356.95 level or 17239.80. Both targets are within the yellow rectangle, which I have drawn some days ago at chart.
The level also includes the 0.382 Fibonacci of the latter advance from the possible wave 2 to 3 move (orange counts) and is an often a target goal!
It needs a push above the peak high from October 27 at 18342 to re-adjust the count.
So more weakness for N50 is in the cards, to my view.
More next week.
Have a great weekend.....
Ruebennase
Fell free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 is on path with my analysis!
The high at 18210, the possible wave b high, was topped one day later, and the very next day N50 declined to a close at 17764.802.
This move down is part of a wave c or y!
A price target for this wave is at or around the 17356.95 level or 17239.80. Both targets are within the yellow rectangle, which I have drawn some days ago at chart.
The level also includes the 0.382 Fibonacci of the latter advance from the possible wave 2 to 3 move (orange counts) and is an often a target goal!
It needs a push above the peak high from October 27 at 18342 to re-adjust the count.
So more weakness for N50 is in the cards, to my view.
More next week.
Have a great weekend.....
Ruebennase
Fell free to ask or comment!
Trading this analysis is at your own risk!