Hello Traders,
NIFTY50 declined to, 15903 this morning, but left the gap open, create by trading on May 19-20!
After achieving this area, it reversed to the upside, but it needs to take the level of 16261 off the board, to become more bullish potential!
A break of this level opens the door to 16414 range, with more bullish chances with a daily close at or above this area.
I have shown an alternate count at the chart, to visualize the options that are always possible. Most times, the chart isn't that clear as it seems to be, and we need to stay always flexible!
If the level of 15903 was the low, independently off the count, the trend should reverse again to the upside.
Don't be surprised if the price reaches the 16963 area again, before it move up.
The alternate view indeed means, that a break of the 16903 will open the door to 15775 and lower and the count needs to be verified.
Ruebennase
Have a great week.....
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 declined to, 15903 this morning, but left the gap open, create by trading on May 19-20!
After achieving this area, it reversed to the upside, but it needs to take the level of 16261 off the board, to become more bullish potential!
A break of this level opens the door to 16414 range, with more bullish chances with a daily close at or above this area.
I have shown an alternate count at the chart, to visualize the options that are always possible. Most times, the chart isn't that clear as it seems to be, and we need to stay always flexible!
If the level of 15903 was the low, independently off the count, the trend should reverse again to the upside.
Don't be surprised if the price reaches the 16963 area again, before it move up.
The alternate view indeed means, that a break of the 16903 will open the door to 15775 and lower and the count needs to be verified.
Ruebennase
Have a great week.....
Feel free to ask or comment!
Trading this analysis is at your own risk!