Hello Traders,
NIFTY50 declined to an intraday low @ 11024.40, in line with my forecast. It also touches the down-sloping trendline of the LDT-pattern, which connects waves 1 and 3. From here N50 rebounded.
This rebound could be a small fourth wave of lesser degree which would lead to the area at or around 11251-11259. Here a wave 4 and the 0.382 Fibonacci of the decline from 11618 took place.
If the decline from the 11618 area was a complete first impulsive move down, more room for the countertrend is possible. Here the area ranges from 11251-11321-11391, so we have to accept this wide range.
Any acceleration of the decline below today`s intraday low would lead to lower prices still in the coming hours and days.
Have a great week...
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 declined to an intraday low @ 11024.40, in line with my forecast. It also touches the down-sloping trendline of the LDT-pattern, which connects waves 1 and 3. From here N50 rebounded.
This rebound could be a small fourth wave of lesser degree which would lead to the area at or around 11251-11259. Here a wave 4 and the 0.382 Fibonacci of the decline from 11618 took place.
If the decline from the 11618 area was a complete first impulsive move down, more room for the countertrend is possible. Here the area ranges from 11251-11321-11391, so we have to accept this wide range.
Any acceleration of the decline below today`s intraday low would lead to lower prices still in the coming hours and days.
Have a great week...
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!