NIFTY50.....New high's, then correction?Hello Traders,
The week started at 25,058 — the week's high — and has declined since then. It bottomed out at around 24,462. This move probably ended wave w (pink), or it could have been the entire wave iv (blue).
Chart analysis:
If it was all of wave iv (blue) the next move will be up to a new high in the coming week. However, a drop around the 24789 range could be possible. If thereafter a wave v (green) ends, a target area is @ 24970.50! If so to come, one target range is around the 25081 level. Here a wave v(green) of ((i)) (pink) ends! While the last move look like a "triangle" 2 in progress, it is my favorite pattern. But note! The last move, possible wave w (pink) has ended below the wave a low (not shown). That means "danger for the bears"!
The bears need to watch the chart closely! If this move, though unexpected, was all of the pattern, the door should be open to new corrective lows in the coming week. Here, one price target is around the 24506 area. That would just correct a 0.618, but still possible! Another target is around 24260 area. Here wave y=w!
Anyway! The targets have been set for the coming week, and we will see and watch the chart closely! Good luck to all traders!
Have a great week.....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
