Hello Traders,
NIFTY50 did it again...a new ATH!
This ATH makes my count invalid and changed, in consequence, the wave labels too.
The March 24 low could be a wave ((4)) of high degree and the move since is an impulse, that pushed N50 to a new high at 12769.75 yesterday.
As to observe on the daily chart, N50 is moving in a trend channel that connects the highs of waves 1 and 3 and draws a parallel line to the wave 2 and 4 lows. The wave 4 low is not optimal, like a „text-book“ move, but of course to accept! :-)
So, the push from this low (at 10790 is now a „three-up“, so an a-b-c-corrective pattern and it has to develop ina clear „five-up“! At 12856 waves (c)=(a).
The alternate view suggests, that it is a series of one`s and two`s that will push N50 to new high`s in the coming days and weeks.
A break of the low at 10790.20 would eliminate the bullish view and change the cards back to the bears and their advantage.
A push above 12856 opens the door to 13399.50 in the coming days or so.
Have a great time...
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 did it again...a new ATH!
This ATH makes my count invalid and changed, in consequence, the wave labels too.
The March 24 low could be a wave ((4)) of high degree and the move since is an impulse, that pushed N50 to a new high at 12769.75 yesterday.
As to observe on the daily chart, N50 is moving in a trend channel that connects the highs of waves 1 and 3 and draws a parallel line to the wave 2 and 4 lows. The wave 4 low is not optimal, like a „text-book“ move, but of course to accept! :-)
So, the push from this low (at 10790 is now a „three-up“, so an a-b-c-corrective pattern and it has to develop ina clear „five-up“! At 12856 waves (c)=(a).
The alternate view suggests, that it is a series of one`s and two`s that will push N50 to new high`s in the coming days and weeks.
A break of the low at 10790.20 would eliminate the bullish view and change the cards back to the bears and their advantage.
A push above 12856 opens the door to 13399.50 in the coming days or so.
Have a great time...
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!