Hello Traders,
the NIFTY50 has seen a massive sell-off during Monday's session. It declined from a high @ 23483.70 to a low @ 23221.15 in the first trading hour. That was a huge sell-off, off about 227.15 points.
It collapsed below my favored sell-off level @ 23462 and opened the door to more selling pressure, as it touched my price range from 23289 to 23196 by some points.
Chart analysis:
On March 24th the index achieved a 2.0 Fibo-extension @ 23869.60 points. This was a peak! Since the index is in a corrective mode, and possibly has shown a w-x-y correction, that has chances to morph into a triple correction.
Shorthand I expect a test off the lower boundary of the box, ranging @ 23038 points. N50 has the option to show a wave 4 of lower degree and decline than to a wave 5 low below today's low.
But step by step.
First, I'd like to check tomorrow's pattern and judge that.
The bulls need a massive buying pressure to achieve the range of 23414 to 23646.45 points.
Well Traders..... That's it for a short note.
Have a great week....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
the NIFTY50 has seen a massive sell-off during Monday's session. It declined from a high @ 23483.70 to a low @ 23221.15 in the first trading hour. That was a huge sell-off, off about 227.15 points.
It collapsed below my favored sell-off level @ 23462 and opened the door to more selling pressure, as it touched my price range from 23289 to 23196 by some points.
Chart analysis:
On March 24th the index achieved a 2.0 Fibo-extension @ 23869.60 points. This was a peak! Since the index is in a corrective mode, and possibly has shown a w-x-y correction, that has chances to morph into a triple correction.
Shorthand I expect a test off the lower boundary of the box, ranging @ 23038 points. N50 has the option to show a wave 4 of lower degree and decline than to a wave 5 low below today's low.
But step by step.
First, I'd like to check tomorrow's pattern and judge that.
The bulls need a massive buying pressure to achieve the range of 23414 to 23646.45 points.
Well Traders..... That's it for a short note.
Have a great week....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.