NIFTY50.....Not done to the downside!Hello Traders,
the NIFTY50 has failed to reache my stated target area @ 24620 points and declined to 24038 during Friday's session! This was not expected, but still happened! So, the open target is also available @ 23585 points at the downside within a wave 4.
Chart analysis.
The decline within a wave 4 is not over yet! One open target is valid around the 23585 area in the coming week.
If N50 will achieve this target range, the door is open to a new high above 24620 point as. Probably within a range of about 24875 to 24792 points. Here, a wave (v) should be ending.
Keep in mind, that a wave 4 of any degree, never touch the wave 1 high. So, a wave 4 would be eliminated @ 22697 points.
It is also possible, that the wave 4 should morph into a triangle. While this pattern is still the most unlikely pattern in a wave 4, we should not deal with that!
Anyway! I have visualized the coming wave 5 with my target areas.
One first sign for a wave 5 that started is when the purple trend line push above the 243xx range, depending on when and if it will be achieved!
So friends, that's it for today. We will see, how N50 will morph in the coming week.
An update will follow after new chart pattern develop.
Have a great Sunday.....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
