Hello Traders,
NIFTY50 dropped to 21777 on Friday's session. My call was, that a drop below, 22303 would open the door for more selling pressure. That's what happened; more than 400 points was the decline for N50.
The move since is strong and directly up, a so called "v-reversal" with a gap to the upside this morning, that is still open so far. Sooner or later, this gap will be closed!
As long as the level of 21777 is valid, the short-term trend should be to the upside. There is no clear evidence for an impulsive structure of the waves to the upside, so I recommend being patient for the coming sessions.
It needs a break of the 22775 for more bullish views, as it needs a decline below Friday's low @ 21777 levels.
The overall structure since the lows 21137 on January 24th, look corrective, too!
Here is my count for the coming sessions. Blue path means the most probably path for the coming day's/week's from my perspective!
Have a great week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
NIFTY50 dropped to 21777 on Friday's session. My call was, that a drop below, 22303 would open the door for more selling pressure. That's what happened; more than 400 points was the decline for N50.
The move since is strong and directly up, a so called "v-reversal" with a gap to the upside this morning, that is still open so far. Sooner or later, this gap will be closed!
As long as the level of 21777 is valid, the short-term trend should be to the upside. There is no clear evidence for an impulsive structure of the waves to the upside, so I recommend being patient for the coming sessions.
It needs a break of the 22775 for more bullish views, as it needs a decline below Friday's low @ 21777 levels.
The overall structure since the lows 21137 on January 24th, look corrective, too!
Here is my count for the coming sessions. Blue path means the most probably path for the coming day's/week's from my perspective!
Have a great week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.