Hello Traders,
the NIFTY50 is on track with my forecast! It declined over the course of the week to a level of 24565 points - a loss of almost 271 points, (nearly 1.09%).
The question is, if N50 is declining lower in the coming week. The question is, to what degree will it decline ?
Chart analysis:
Today, I'd like to show you another idea of the count. Here, at the level of 25669, a wave (v), green, has been established, and the following correction is a wave (iv), pink, to the level I have mark with the sky blue rectangle. This rectangle ranges from 24473 to 23934.90. If we reach these levels, wave (iv), whether of wave ((iv)) or wave (iv), should end!
In either case, there is more downside potential and has more room to go, and is not finished yet.
The first sign, that something went wrong would be at the point, when the high @ 23368, wave (i), green, were to be touched! This is because it is not permitted for a wave (iv) to touch the high of any degree of wave (i).
The indicators, too, have much room to decline for the rest of the week.
So, it will be exiting to watch how the market will makes its decision.
Have a great weekend.....
Ruebennase
Please ask or comment as appropriate.
Trade on this analysis at your own risk.
the NIFTY50 is on track with my forecast! It declined over the course of the week to a level of 24565 points - a loss of almost 271 points, (nearly 1.09%).
The question is, if N50 is declining lower in the coming week. The question is, to what degree will it decline ?
Chart analysis:
Today, I'd like to show you another idea of the count. Here, at the level of 25669, a wave (v), green, has been established, and the following correction is a wave (iv), pink, to the level I have mark with the sky blue rectangle. This rectangle ranges from 24473 to 23934.90. If we reach these levels, wave (iv), whether of wave ((iv)) or wave (iv), should end!
In either case, there is more downside potential and has more room to go, and is not finished yet.
The first sign, that something went wrong would be at the point, when the high @ 23368, wave (i), green, were to be touched! This is because it is not permitted for a wave (iv) to touch the high of any degree of wave (i).
The indicators, too, have much room to decline for the rest of the week.
So, it will be exiting to watch how the market will makes its decision.
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.