Hello Traders,
The NIFTY50 rose to 226625 on April 24th and broke above the upper boundary of the channel, but failed to break above this area the next day as well.
It falls back to a closing level of 22419, with heavy volume in the range between the open and close.
On the 15-minute chart, the move from 22725 to 21777 can be seen as an impulsive move, which could be either a wave a or a wave w or i!
If this was an impulsive move, the path is set for the coming sessions with a lower price below 21777 range in fact of a wave iii or c probably!
If it develops into a wave w-x-y, the options are clearly given for an expanding or running flat!
The difference between the two is that a running always ends above the low of the wave a, while an expanding always ends above the low of the wave a!
An impulsive structure will end clearly below the levels as seen, perhaps at 217xx - 215xx!
A rise above the ATH @ 22775 will in fact change the options to new highs.
For this scenario, I would like to get more evidence!
Have a nice Sunday.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
15-min chart....
The NIFTY50 rose to 226625 on April 24th and broke above the upper boundary of the channel, but failed to break above this area the next day as well.
It falls back to a closing level of 22419, with heavy volume in the range between the open and close.
On the 15-minute chart, the move from 22725 to 21777 can be seen as an impulsive move, which could be either a wave a or a wave w or i!
If this was an impulsive move, the path is set for the coming sessions with a lower price below 21777 range in fact of a wave iii or c probably!
If it develops into a wave w-x-y, the options are clearly given for an expanding or running flat!
The difference between the two is that a running always ends above the low of the wave a, while an expanding always ends above the low of the wave a!
An impulsive structure will end clearly below the levels as seen, perhaps at 217xx - 215xx!
A rise above the ATH @ 22775 will in fact change the options to new highs.
For this scenario, I would like to get more evidence!
Have a nice Sunday.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
15-min chart....