Hello Traders,
As I wrote at my last analyze for NIFTY50:“... 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 bearish potential exists.“
This happened during the past days. NIFTY50 declined today to 11844 and closed below the declining trend channel. Only a „return“ into that channel will clear a positive chart picture. Note that there is strong resistance, marked with a blue trend line at chart @ 11855!
A decline below 11844.75 will open the door to the 11809-11800 area!
Today`s a/d-ratio closed at 0.3! Such low reading often occurs at the end of a correction. But this is not required. Note that at 11802 a wave „4“ of lesser degree is placed.
If N50 is likely to advance above the lower boundary of the trend channel, the next target is around the middle line of the channel at or around the 11940 area. Above that, the next target is at 11981.90 (blue arrow)!
I will update the chart in the coming hours and days.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
As I wrote at my last analyze for NIFTY50:“... 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 bearish potential exists.“
This happened during the past days. NIFTY50 declined today to 11844 and closed below the declining trend channel. Only a „return“ into that channel will clear a positive chart picture. Note that there is strong resistance, marked with a blue trend line at chart @ 11855!
A decline below 11844.75 will open the door to the 11809-11800 area!
Today`s a/d-ratio closed at 0.3! Such low reading often occurs at the end of a correction. But this is not required. Note that at 11802 a wave „4“ of lesser degree is placed.
If N50 is likely to advance above the lower boundary of the trend channel, the next target is around the middle line of the channel at or around the 11940 area. Above that, the next target is at 11981.90 (blue arrow)!
I will update the chart in the coming hours and days.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!