NIFTY50.....A start of a new advance?Nifty 50 IndexNSE_DLY:NIFTYruebennaseHello Traders, the NIFTY50 is caught in a „side-ways-range“ and the past two weeks the N50 is bouncing between 24842 and 23262. These are levels were the N50 has touched an Order-blog on the upside and a Fair-value-gap on the downside. Interesting to watch is the fact, that Friday's volume was nearly two-times as high as usual and the question is as follow: „If anyone sold the N50, who should be left to sold more contracts?“ I think we can make two conclusions. Either this is the start of a huge sell-order or it is the start of a bull-run“? From an EW-perspective to say, I will coment as follow: The low at 22182 on April 2nd is key-level: If this level is breached, the door is open for further corrective lows. The 50% range of the Fibo has been reached and it can be, that this was all of the correction. More confirmation is also the fact, that the corrective move from the high @24601 was clearly a „three-down“! Means a wave 3 should start pretty soon. A first hint for this idea would be a rise above the 24089 and a confirmation of the trend would be a rise above 24482 on a closing basis. While the N50 has touched multiple times at the Fair-value-gap I would argue a rise to new high's. But wait for trend confirmation. The levels to the downside are set too, and I think, you are well prepared for both sides in the coming 2-3 days! Have a great weekend.... Ruebennase Please ask or comment as appropriate. Trade on this analysis at your own risk