Hello Traders,
NIFTY50`actually ATH @ 22775 could be one for the long haul!
Like a slack-liner, N50 is dancing on the upper boundary of the trend channel.
A break below this line could open up more bearish potential for the index!
The move of the possible wave c of the (4) low at 21137 is not yet a clear impulse! So, the chances are that this move will be one, with a corrective character, or it will be a fanning out impulse of several ones and twos!
The bears will be watching to see if the price falls back to 22303, the April 4th low. A drop below this level opens the door for more selling pressure.
The bulls need more buying power above 22775. My target for this idea is at or around the 22976 area.
Bears check the April 4th low and act if price drops below for targets at 22267 to 22052 range!
I need more time to check the wave patterns and will update the overall count in the next week or two.
Have a great week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.