Hello Traders,
NIFTY50 is on a wild ride! Traders (Futures and Options) are pushing the index to both sides; up and down. Fired by a flash of all kinds of news.
But what is to expect for N50 at the coming week?
Let me try to evaluate!
The high @17995 was as per my bullish count a wave (iii). The correction, since underway, is part of an (A)-(B)-(C) or it should morph into an (A)-(B)-(C) – X – (A)-(B)-(C)!
For this scenario, my targets area at or around the 169xx-16864 – 16745 area. More bearish potential exist!
In detail.
As long as N50 is below 17777, the next step should be a close of the open gap on 29-30 August 2022 @ 17339, closing price. Extending weakness, if this scenario will be occurred, the next stop is at or around 17160 area. Here, a „triple-bottom is possible!
And this is my important level to watch!
A break of this area, on a daily close, opens the door to 16864 -16647 levels.
On the other hand. Only a break of the 17777, will open the door for another scenario.
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at our own risk!
NIFTY50 is on a wild ride! Traders (Futures and Options) are pushing the index to both sides; up and down. Fired by a flash of all kinds of news.
But what is to expect for N50 at the coming week?
Let me try to evaluate!
The high @17995 was as per my bullish count a wave (iii). The correction, since underway, is part of an (A)-(B)-(C) or it should morph into an (A)-(B)-(C) – X – (A)-(B)-(C)!
For this scenario, my targets area at or around the 169xx-16864 – 16745 area. More bearish potential exist!
In detail.
As long as N50 is below 17777, the next step should be a close of the open gap on 29-30 August 2022 @ 17339, closing price. Extending weakness, if this scenario will be occurred, the next stop is at or around 17160 area. Here, a „triple-bottom is possible!
And this is my important level to watch!
A break of this area, on a daily close, opens the door to 16864 -16647 levels.
On the other hand. Only a break of the 17777, will open the door for another scenario.
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at our own risk!