Hello Traders.
NIFTY50 has changed trend to the downside.
At 20222 a new ATH was established and a wave of higher degree was complete! Friday's close @ 19674 is just part of the correction, with possible lower lows in the coming days. One price target is the call-out level of 19200-19300 range. Here, a wave 4 of lower degree was done.
Notice. More bearish potential exist!
If a break of the 19223 occurs, the door is open to break to 19177-18750 range. Here, as to observe at the volume indicator (right-hand side of the chart) a "gap" is to see. This gap is caused by several other "up-gaps", as N50 has started his advance to the new ATH (green rectangle)! Also, at this area a 0.382 Fibonacci off the advance took place!
On the other side. New upside potential is just given with a break of the 20222 range.
Overall to speak. The move to the downside look like a wave a/w of a correction, that isn't done so far.
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 has changed trend to the downside.
At 20222 a new ATH was established and a wave of higher degree was complete! Friday's close @ 19674 is just part of the correction, with possible lower lows in the coming days. One price target is the call-out level of 19200-19300 range. Here, a wave 4 of lower degree was done.
Notice. More bearish potential exist!
If a break of the 19223 occurs, the door is open to break to 19177-18750 range. Here, as to observe at the volume indicator (right-hand side of the chart) a "gap" is to see. This gap is caused by several other "up-gaps", as N50 has started his advance to the new ATH (green rectangle)! Also, at this area a 0.382 Fibonacci off the advance took place!
On the other side. New upside potential is just given with a break of the 20222 range.
Overall to speak. The move to the downside look like a wave a/w of a correction, that isn't done so far.
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!