bijoy2526

NIFTY termination of 5th of 5th wave?

bijoy2526 Premium Updated   
NSE:NIFTY   Nifty 50 Index
the channel drawn by me suggests the end of 5 th wave
in daily time frame.
Nifty crosses a critical level
and touches the channel and falls back through the line
on Wedness day
On Friday nifty had gap down opening and open was equal to low.
This type of set up had it occurred after long down tend it would have indicated
trend reversal.In this case down tend has just started.
If tomorrow nifty gaps up and never returns the candle of Friday
then we can assume trend reversal has taken place and uptrend may continue.
Though daily time frame it appears target has been achieved,In weekly time frame it indicates much higher price.
I am trying to attach weekly chart of nifty .
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Comment: Sorry unable to post weekly chart.

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