NIfty 50 moved higher, post FOMC meeting in the US. Global cues looked strong with FOMC rate remained unchanged though speech highlighted possible rate cuts in 2025.
Nifty50 chart analysis shows we are inching towards wave 4
I have marked invalidation level at 23460.45, if price crosses this then this is not wave 4. However overall structure still remains bearish on higher time frames like weekly or monthly for bigger trends. This upside pull back could possibly be a fresh rally if our invalidation level is reached.
Looking at completion of this under 23400 levels. If this holds true than downside can go below previous low of 21964.60.
From Trading perspective, focus on the following:-
Upside movement is strong, ride with the trend
No need to catch the bottom, you can still enter in wave 2 downside if the structure is solid for shorting Nifty 50
Don’t forget our trend change lines pink and blue. Monday will be most probably trend change day next week
Yellow lines are POC lines of Volume Profile, bounces there means price action
On smaller time frame don’t forget to use VWAP for confirmation of price trends and movements
Since you have reached last point, check out green weekly level (text written), if price went above it and bounced, that meant price action
Blue slanting line, when price crossed it, it went above and took a retest before continuing
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