Hello Traders,
the NIFTY50 failed to rise above Thursday`s top @ 24857 and fell straight down 24149.85 this morning.
As per my weekend edition, the index still has two options.
If the high @ 24857 was a double wave 1 and 2, the low @ 23873 has to remain valid for this scenario. A decline below that level eliminates the first option.
Breaking below that level, opens the door to 23263, with more bearish potential. In this case, more bears could enter the stage and send N50 to 22000 range in the coming 1-2 weeks!
A break of the high @ 24857 with a strong bullish momentum and candle, can lead the way to 2521x area. A break of 25601 level would lower the option for a bearish count.
That`s it for today.....
Have a great time.....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
the NIFTY50 failed to rise above Thursday`s top @ 24857 and fell straight down 24149.85 this morning.
As per my weekend edition, the index still has two options.
If the high @ 24857 was a double wave 1 and 2, the low @ 23873 has to remain valid for this scenario. A decline below that level eliminates the first option.
Breaking below that level, opens the door to 23263, with more bearish potential. In this case, more bears could enter the stage and send N50 to 22000 range in the coming 1-2 weeks!
A break of the high @ 24857 with a strong bullish momentum and candle, can lead the way to 2521x area. A break of 25601 level would lower the option for a bearish count.
That`s it for today.....
Have a great time.....
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.