Hello Traders, NIFTY50 dropped close to the mentioned price range, as per my latter analysis! Today's low was @ 16828; I called for 16750 area. Either it was all of the correction and N50 will start a "counter-trend-rally, or one more lower low is needed to end the correction. At the latter case, N50 would drop into my favored price range @ or around 16750-16641 and then should reverse to the upside! For this idea, we have to be patient at the next one or two sessions! At the volume profile (right-hand side) you will observe the gap at the volume at the 16881-16724. Probably this volume gaped will be filled tomorrow! On the bullish hand, we have to be focused on a bullish volume spike tomorrow and probably a gap up! In this case, it could be a good hint, that the marked will reverse! From a technical view, we can see a "divergence" at the RSI (14) at today's and Friday's session. Today's lower low set a higher RSI level at the latter low, both in price and RSI! This often occurs before a reversal! Anyway! From an EW-perspective, we can be focused of a "coming end" of the correction within a wave z! If the next move to the upside is a new impulse or just a counter-trend rally.....? "We will see"....spoke the blind man..... Regards Ruebennase
Feel free to aks or comment! Trading this analysis is at your own risk!
WXYXZ is the Leading Diagonal of Wave A (From 19-Oct-2021 to 17-Jun-2022)
B wave (17-jun-2022 to 1-Dec-2022)
C wave is unfolding (wave 1 done 1-dec-2022 to 1-feb-2023) (wave 2 done 50% retracement 1-feb-2023 to 16-feb-2023) (wave 3 is started from 16-feb-2023)
WXYXZ is the Leading Diagonal of Wave A (From 19-Oct-2021 to 17-Jun-2022)
B wave (17-jun-2022 to 1-Dec-2022)
C wave is unfolding
(wave 1 done 1-dec-2022 to 1-feb-2023)
(wave 2 done 50% retracement 1-feb-2023 to 16-feb-2023)
(wave 3 is started from 16-feb-2023)