Hello Friends,
the NIFTY50 has reached and undercut my predicted corrective target for several weeks.
It fell to 21964 on Tuesday the 04th and is showing a rebound of almost 500 points! The distance of this correction is equivalent to waves c to a!
Of course, the index has options to fall much lower in the coming weeks, but a "short" recovery is always possible.
A break of the middle Bollinger Band signals a longer term push to the upper BB! A signal on a daily close is a minimum to see! Note that the upper Bollinger Band is pointing down and signals impending volatility.
So; a target to the upside is the middle BB at 22754 and is falling 56 points (middle BB)!
A break of this (4h minimum) signals a move to the upper BB @ 23571 (basis Friday close)!
A break of the multi-week lows signals an ongoing correction with much lower targets in the coming weeks @ 21137 to 21821!
So my esteemed friends and traders .....
We will see what the market gives in response and the updated chart is still to come, probably on Wednesday
Have a great weekend .....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
the NIFTY50 has reached and undercut my predicted corrective target for several weeks.
It fell to 21964 on Tuesday the 04th and is showing a rebound of almost 500 points! The distance of this correction is equivalent to waves c to a!
Of course, the index has options to fall much lower in the coming weeks, but a "short" recovery is always possible.
A break of the middle Bollinger Band signals a longer term push to the upper BB! A signal on a daily close is a minimum to see! Note that the upper Bollinger Band is pointing down and signals impending volatility.
So; a target to the upside is the middle BB at 22754 and is falling 56 points (middle BB)!
A break of this (4h minimum) signals a move to the upper BB @ 23571 (basis Friday close)!
A break of the multi-week lows signals an ongoing correction with much lower targets in the coming weeks @ 21137 to 21821!
So my esteemed friends and traders .....
We will see what the market gives in response and the updated chart is still to come, probably on Wednesday
Have a great weekend .....
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.