NIFTY50.....One more leg up?Hello Traders,
the NIFTY50 has run into my cited price area I mentioned, ranging from 23038 to 23785. This is a wide range, but these are the facts!
One open target is @ 23502 area. Here a decision will be made, whether it was it was the short coverage or just the end of wave v of ((iii)) of c!?
On the daily chart to observe is the fact, that price has popped above the upper boundary of the trend-channel. Typically, a retest of the area is to wait for, but not sure.
So, if price bounce back to 23000 zone, at least the trend has to be continued for 2–3 days.
Keep in mind, that a bull-run for this length is typically followed by a longer lasting corrective move. So, a second probability for this scenario is a triple correction, that is developing in a w-x-y-x²-z pattern.
Note the blue arrow at the chart. I have left this one unchanged to visualize the price area I have expected!
I will observe the coming pattern on Monday – Tuesday and update the count for you.
Have a great weekend.....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.