Hello Traders,
NIFTY50 is declining since it has made a high @ 12293.30 on December 20. This correction is a „three-down“ and could be labeled as an a-b-c-flat pattern that is done or close to do so. Note, that today`s low @ 11929.60 hit a 0.786 Fibonacci of the advance from 11832-12293.30! This is the maximum retracement that I like to accept for a correction after a „five-up“was finished.
So, as long as N50 is holding above 11981.05 I favor a target range of 12063, was a 0.5 Fibonacci of the advance is at hand. Any decline above this area will open the door for 12150, while a decline below the mentioned 11931 opens the door for more weakness to come, maybe to 11832.30.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
NIFTY50 is declining since it has made a high @ 12293.30 on December 20. This correction is a „three-down“ and could be labeled as an a-b-c-flat pattern that is done or close to do so. Note, that today`s low @ 11929.60 hit a 0.786 Fibonacci of the advance from 11832-12293.30! This is the maximum retracement that I like to accept for a correction after a „five-up“was finished.
So, as long as N50 is holding above 11981.05 I favor a target range of 12063, was a 0.5 Fibonacci of the advance is at hand. Any decline above this area will open the door for 12150, while a decline below the mentioned 11931 opens the door for more weakness to come, maybe to 11832.30.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!