NIFTY50....Wave c of iv ended?!Hello Traders,
waves ((ii)) (magenta) probably ended @24502! There is a possibility given, that this pattern could morph into a "triangle shape". However, this would be the pattern with the most unlikely chance to be established!
Therefore, we focus on a potential a-b-c wave (iv) in green that is complete, and the next move will be to the upside.
Chart analysis!
It needs to make a new high above the waves "b" high @25079 and, at least, a new high above the waves "v" of (iii) 25116 to create a breakout signal! A possible target would be around the 25528 range.
A break to the downside below waves "c" low @ 25502 would not eliminate the triangle pattern, but chances would weaken to be one!
Anyway!
Once a trend is established, the chance of continuing is higher as to break down! So, I favor the idea of an extending wave of advance in the coming 1–2 weeks. If this happens, a new ATH will be reached! Not within the same time period but; I guess in the coming 4–6 weeks!
That's it for today.
Have a great Sunday and a great week....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
