Hello Traders,
after fixing problems with my Computer I´m ready for an update to NIFTY50!
Today, because of the uncertain patterns I switch in the lower timeframe, here the 15 min chart!
By setting it´s low at 9447 the NIFTY50 advance to a new intraday at 9903, closed the day a bit shy at 9900.65 after opening the Market with an Gap up at 9817.15! At 9911 it will retrace the .50 distance of the first decline!
The long day NIFTY advances still to the level at 9903 but by observing the internal structure of the subwave a clear five Wave advance that day is countable. That means the Index is done in that advance or nearly to do so. So the next move will occur to the downside.
If this advance is a countertrend it will complete a Wave b (circle) and decline with a sharp move in Wave c (circle ) to new lows. But if this complete move is an impulsive one we have a clear MoB Level for the Wave 4 target, which is the 9947 (marked with the dottet red line). One tic above that level will eliminate the impulsive idea and favor the odds for an a-b-c pattern!
Notice: the Wave b low at 9773.85 retraces just .38 of the Wave a advance which is very shallow and not typical for a Wave 2, mor than a Wave b in my view. By RSI readings clearly above the 70 zone (79.43) it is one more sign that the advance still come to an end. So the target for a Wave c down is at 9623 and 9449.87 (at this point Wave c equals Wave a)!
If NIFTY50 is still advancing above the level of 10041with a strong volume and a huge increase of winners to loosers ratio by stocks the odds would became greater that a low is in place and NIFTY still on the way to new highs!
Have a great evening
rubennase
Disclaimer:
Note!---> This Analysis can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!
after fixing problems with my Computer I´m ready for an update to NIFTY50!
Today, because of the uncertain patterns I switch in the lower timeframe, here the 15 min chart!
By setting it´s low at 9447 the NIFTY50 advance to a new intraday at 9903, closed the day a bit shy at 9900.65 after opening the Market with an Gap up at 9817.15! At 9911 it will retrace the .50 distance of the first decline!
The long day NIFTY advances still to the level at 9903 but by observing the internal structure of the subwave a clear five Wave advance that day is countable. That means the Index is done in that advance or nearly to do so. So the next move will occur to the downside.
If this advance is a countertrend it will complete a Wave b (circle) and decline with a sharp move in Wave c (circle ) to new lows. But if this complete move is an impulsive one we have a clear MoB Level for the Wave 4 target, which is the 9947 (marked with the dottet red line). One tic above that level will eliminate the impulsive idea and favor the odds for an a-b-c pattern!
Notice: the Wave b low at 9773.85 retraces just .38 of the Wave a advance which is very shallow and not typical for a Wave 2, mor than a Wave b in my view. By RSI readings clearly above the 70 zone (79.43) it is one more sign that the advance still come to an end. So the target for a Wave c down is at 9623 and 9449.87 (at this point Wave c equals Wave a)!
If NIFTY50 is still advancing above the level of 10041with a strong volume and a huge increase of winners to loosers ratio by stocks the odds would became greater that a low is in place and NIFTY still on the way to new highs!
Have a great evening
rubennase
Disclaimer:
Note!---> This Analysis can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!