Hello Traders,
NIFTY50 has run above my cited price target @ 17934 and 18k too! Today's high @ 18089 could be a wave (v) of ((i)), or one more high above is next to come! A price target for this idea ranges from 18137 to 18300 levels.
Watch the option traders! If they buy call options, at these levels, more than put-options, the odds do favor that they are "nearly" all-in at the market! So, there is not enough money left to protect their positions with put options! If market reverse, and these group of traders need to sell, it will push price strongly lower!
On the other hand.
If today's move was all of the bull-run, a corrective setback, if so to come, could bring N50 back to 17600 area; a wave ((iv)) of one lesser degree. Here, it could reverse into the main direction of the trend, or lower lows are in the cards!
Keep in mind, that after a wave (i) is completed, a corrective setback within a wave (ii)) mostly retrace a 0.618 Fibonacci of the total move of wave (i)!
So this scenario could bring N50 back into the range @ 17300 points.
Typically, at these levels the euphoria, is created by traders and investors, is overflowing! This is mostly a good hint, that a reverse is close at hand!
S be prepared for a correction in the coming days ahead!
Again! A decline below 17533 opens the door to 17300 levels.
Targets on the upside are named too! You are prepared!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY50 has run above my cited price target @ 17934 and 18k too! Today's high @ 18089 could be a wave (v) of ((i)), or one more high above is next to come! A price target for this idea ranges from 18137 to 18300 levels.
Watch the option traders! If they buy call options, at these levels, more than put-options, the odds do favor that they are "nearly" all-in at the market! So, there is not enough money left to protect their positions with put options! If market reverse, and these group of traders need to sell, it will push price strongly lower!
On the other hand.
If today's move was all of the bull-run, a corrective setback, if so to come, could bring N50 back to 17600 area; a wave ((iv)) of one lesser degree. Here, it could reverse into the main direction of the trend, or lower lows are in the cards!
Keep in mind, that after a wave (i) is completed, a corrective setback within a wave (ii)) mostly retrace a 0.618 Fibonacci of the total move of wave (i)!
So this scenario could bring N50 back into the range @ 17300 points.
Typically, at these levels the euphoria, is created by traders and investors, is overflowing! This is mostly a good hint, that a reverse is close at hand!
S be prepared for a correction in the coming days ahead!
Again! A decline below 17533 opens the door to 17300 levels.
Targets on the upside are named too! You are prepared!
Have a great weekend.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!