one more „up-week“ for NIFTY50! And one more new ATH!
N50 has close the gap it opened on August 20, reverse on Monday 23 and push to new ATH`s, both on a closing and intraday price level!
A break of the high’s will lead to a continuation of the bull-market, with more high’s to come.
On the side, it needs a break of the 16400 area to „pause“ the uptrend for a while.
Overall to speak, it needs a break to 14151 area to call out a „corrective“ phase , but a break of this level can lead to a test of the 11500-10800 area (weekly level)!
On the hourly view you will notice, that the low at 15513 on July 28 was a possible wave 4 low. Since N50 has risen in multiple waves 1 and 2! The latter ATH was a wave 3 of 5 and N50 is now rising in a wave 1 of 5, or it close to be finish a wave 5!
The alternate view is that the low at 16395 (purple wave 4) was a waves a/w, the move up since a wave b/x and a wave c/y to come. If a wave c follows, it will occur in the waves 1-2-3-4-5!
A wave y will occur in the waves a-b-(1-2-3-4-5)-c!
This is the difference between a waves a-b-c to waves w-x-y! Notice!!!!
This is the question N50 will answer the coming week! We will see, how traders will figure it out!
Have a great week…..
Feel free to ask or comment!
Trading this analysis is at your own risk!
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