Hello traders,
The hammer candle on Friday the 24th turned out to be a "failed" buy signal. The price touched the declining trend line on Monday's open and reversed (1 on our chart). In the following hours, the price fell below the support line and dropped to 24073.90 on Friday the 24th!
A possible wave a of 2 has been established here. There is still another open target area. As I wrote on the 16th, 23893 is a price area to reach! This area is marked with the rectangle.
It needs a break of the high at 25234 to give a fresh buy signal! The weekly total is also valid.
The NIFTY50 has risen since the 18837 area without a major correction. Sooner or later one will come. The longer it takes, the steeper the correction will be!
For short term trading, we focus on the possible levels on the downside as well as the upside. For now, it looks more corrective and in case of the upcoming election us the market will move with more patience and caution.
One note!
A "fresh (new)" update does not invalidate the older updates. Note the timeframes within the update. Goals and possibilities are still valid and need to be eliminated, so I welcome and wish your comments and remarks. I may not be able to answer them "just in time", sometimes I forget! I apologize for that! But I am an "after work" trader and analyst. My family also needs some time. Thanks for your understanding!
Have a great week .....
Ruebennase
Please ask or comment if necessary.
Trading based on this analysis is at your own risk.
The hammer candle on Friday the 24th turned out to be a "failed" buy signal. The price touched the declining trend line on Monday's open and reversed (1 on our chart). In the following hours, the price fell below the support line and dropped to 24073.90 on Friday the 24th!
A possible wave a of 2 has been established here. There is still another open target area. As I wrote on the 16th, 23893 is a price area to reach! This area is marked with the rectangle.
It needs a break of the high at 25234 to give a fresh buy signal! The weekly total is also valid.
The NIFTY50 has risen since the 18837 area without a major correction. Sooner or later one will come. The longer it takes, the steeper the correction will be!
For short term trading, we focus on the possible levels on the downside as well as the upside. For now, it looks more corrective and in case of the upcoming election us the market will move with more patience and caution.
One note!
A "fresh (new)" update does not invalidate the older updates. Note the timeframes within the update. Goals and possibilities are still valid and need to be eliminated, so I welcome and wish your comments and remarks. I may not be able to answer them "just in time", sometimes I forget! I apologize for that! But I am an "after work" trader and analyst. My family also needs some time. Thanks for your understanding!
Have a great week .....
Ruebennase
Please ask or comment if necessary.
Trading based on this analysis is at your own risk.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.