Hello Traders,
at the latter week, NIFTY50 has change just ~70 points down, week to week.
It failed to break above the 17392 range and set a „bearish engulfing“ at Friday's session. This is a bearish pattern, and it often announces 2-3 days of falling prices. The pattern is invalid, if price close above 17392!
If the idea of the w-x-y-x-z-pattern plays out, the path is to the downside, with levels below 16013 range. In this case, the possible wave 2 (blue) is invalid, and price can touch the declining trend line @ ~15000 range! But short term (next 1-3 days) the levels down should be at 16848-16563.
Any move above the 17392 will open the door to a gap-close at 17475 (close on April 13) and 17600 area.
With N50 in a corrective phase since October 19, the correction isn't down to my view and the focus should be to the downside.
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
at the latter week, NIFTY50 has change just ~70 points down, week to week.
It failed to break above the 17392 range and set a „bearish engulfing“ at Friday's session. This is a bearish pattern, and it often announces 2-3 days of falling prices. The pattern is invalid, if price close above 17392!
If the idea of the w-x-y-x-z-pattern plays out, the path is to the downside, with levels below 16013 range. In this case, the possible wave 2 (blue) is invalid, and price can touch the declining trend line @ ~15000 range! But short term (next 1-3 days) the levels down should be at 16848-16563.
Any move above the 17392 will open the door to a gap-close at 17475 (close on April 13) and 17600 area.
With N50 in a corrective phase since October 19, the correction isn't down to my view and the focus should be to the downside.
Have a great week.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!