Hello Traders,
(At the time, the analysis was prepared, trading was still ongoing!)
According to my latest quick note for the NIFTY50, the index has made a new ATH @23019 today!
Under rare conditions, a new ATH probably occurs within a corrective move to the upside, i.e. within a wave b/x or a wave y!
It seems to me that this is not the case for now!
As before! When a stock, index or whatever underlying is in an uptrend (as in this case), the probability is much higher that the price will move in the main direction, as it will break the uptrend and start a big correction! Of course, one day exactly this behavior will occur, but for now there is no evidence of it!
So I expect higher highs in the next week or two. A re-test of the upper border of the black channel line is always possible, but if it happens, it would not change my forecast!
It will take a break of the 22066 area to change my view. A break of this level would open the door to the 21800 area with more bearish potential.
Have a nice weekend.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
(At the time, the analysis was prepared, trading was still ongoing!)
According to my latest quick note for the NIFTY50, the index has made a new ATH @23019 today!
Under rare conditions, a new ATH probably occurs within a corrective move to the upside, i.e. within a wave b/x or a wave y!
It seems to me that this is not the case for now!
As before! When a stock, index or whatever underlying is in an uptrend (as in this case), the probability is much higher that the price will move in the main direction, as it will break the uptrend and start a big correction! Of course, one day exactly this behavior will occur, but for now there is no evidence of it!
So I expect higher highs in the next week or two. A re-test of the upper border of the black channel line is always possible, but if it happens, it would not change my forecast!
It will take a break of the 22066 area to change my view. A break of this level would open the door to the 21800 area with more bearish potential.
Have a nice weekend.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.