NIFTY50.....Where are the targets?Hello Traders,
The NFTY50 failed to make new high's, but has achieved my long-term target @25577 points.
It also broke below the trend-line, connecting the high's of 25116 to 25222. This is a bearish sign!
I have labelled the chart as a w-x-y pattern, that could also morph into an a-b-c!
But what to expect for the coming sessions?
Chart analysis.
The weakness at chart is not done to my view!
In normal, a corrective move, here a possible wave ((iv)), pink, will return to a wave 4 of lower degree. So we should expect a target range at or around the 24000 points! If so to come, this would be potentially buy_area! A break to the upside is not in (my) the cards. Too much overlapping waves, buy and immediately sell-orders..... This is not how an impulse look like!
Of course; a wave iv correction can morph into a w-x-y pattern. And if so, the price would extend to an 2.618 Fibo after it was complete!
Again. The correction look like not complete, and it will be interesting how markets will answer on Monday.
So, that's it for today!
Have a great weekend.....
Ruebennnase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
