NIFTY50...Wave 5 done or some more updivisions needed?
Hello Traders,
NIFTY50 has fulfilled my forecast and made new highs @ 12267 on an intraday basis!
This could be all of the advances that has started on December 11, a wave „4“ low.
I have updated the count and as you will notice, wave „3“ has just extended a 1.382 Fibonacci of the advance from 11939 – 12134, which is just 5 points below the Fibo-level.
Thus, wave „5“ that began on December 16 could be counted as a „five-up“ which is done or need some more up divisions to complete. If it is done, the next move is to the downside.
The first hint for this is a break of the lower boundary of the trend channel @ ~ 12245 tomorrow on a closing basis and a red candle. A break of the possible wave „4“ low @ 12191 will establish this view and hint the odds that a correction of a larger degree has begun.
On the other hand! A rise above today`s high @12267 open the door to 12280, and above that area to the middle line of the channel, blue, @ 12280-12300 area. One more target is @ 12336, were wave „5“=“1“!
So, as before. I will update the chart in the coming hours.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
NIFTY50 has fulfilled my forecast and made new highs @ 12267 on an intraday basis!
This could be all of the advances that has started on December 11, a wave „4“ low.
I have updated the count and as you will notice, wave „3“ has just extended a 1.382 Fibonacci of the advance from 11939 – 12134, which is just 5 points below the Fibo-level.
Thus, wave „5“ that began on December 16 could be counted as a „five-up“ which is done or need some more up divisions to complete. If it is done, the next move is to the downside.
The first hint for this is a break of the lower boundary of the trend channel @ ~ 12245 tomorrow on a closing basis and a red candle. A break of the possible wave „4“ low @ 12191 will establish this view and hint the odds that a correction of a larger degree has begun.
On the other hand! A rise above today`s high @12267 open the door to 12280, and above that area to the middle line of the channel, blue, @ 12280-12300 area. One more target is @ 12336, were wave „5“=“1“!
So, as before. I will update the chart in the coming hours.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!