NIFTY50.....Trendline broken! What now?Nifty 50 IndexNSE_DLY:NIFTYruebennaseHello Traders, last week I have shown you the ETF @Franklin (Ticker: FLXI), designed to replicate the N50 for traders with „small-money“ at hand. This ETF has broken the lower red trendline I have drawn at the chart und shows a „BoS“ by making a new low as of July 16th! This is a first sign that a change of trend (ChoCH) could be seen at the horizon! Note the fact, that N50 did not broken this trend line! Bearish case: I am looking for a pullback (bullish one) into the retracements and once it is done a drop to new lows below @ €35.53! From this level the market is ready to decline and shows weakness for a longer time, probably! A first sign for such a scenario is around the area of €34.50 were a „FVG“ has been marked at the chart. A bit lower an „Orderblog“ is also to watch and this would be touched by a level of €34.24. If so to come this would be just a first price target for a correction to this ETF! Depending on witch level to measure, I can announced two price levels, a „price corridor“, for this correction. A first one will be at the area around €29.05. A second one will be around €26.46! Note! However, this scenario will only play out if the N50 has reached its high here and begins to decline immediately by starting Monday session. Otherwise the targets must be corrected. The bullish case favors the idea, that the N50 has ended it's correction at the level of €32.52 and it's still on the rise to new high's in the coming weeks and month! Traders who will follow the idea of the bullish case will trade the N50 by using the SL some tics below this low @22182 points. I think we are still ahead of „interesting“ weeks and we have to watch how market will play out the ideas! Have a great weekend..... Ruebennase Please ask or comment as appropriate. Trade on this analysis at your own risk