Hello Traders,
todays NB misses the pricetarget that I have labbeld at chart (blue line) at 27530 just by some tics! The high was set at 27522.85, after that NB traded a bit below and close the market @ 27381.40 (Tradingview)!
NB has also risen in the blue dotted trendchannel, which also shows how importand and helpful this „tool“ in EW-terms is. As I wrote at my last analyse NB is showing weakness by observing the „RoC“-Indicator, which is trending down, his MA (13) is also declining.
Shortterm the pricelevel at 27151.75 (purple pricemark) is important. Trading below would indicate more declining action ahead, with targets at 26368, which is at my count a wave (4) of lesser degree. Trading below 25780.5 will increase the odds that a reversal of trend has occur (to my view)!
By observing NIFTY50 the picture look a bit different to my view.
Here at 11110.10 may a wave 3 (blue) was done and a pullback in a wave (4) is done or close to do so. May one down sequence is needed to complete, this will indicate a flat or a Triangle pattern has taken place, a common one within a wave 4!
If this pullback is a wave 4 of lesser degree a common price target lies at ~10984 zone and will touch the .38 RT of the wave (5) red, advance. If the complete wave , green advance is done a common target is at 10700-10666 area, which is also a wave 4 degree. Trading below or at 10490.85 will indicate that the advance is done and a reversal of trend has occur.
If NIFTY50 is able to reverse at one of the named target to the upside a new high to ~11335 iss my next target which has to develop in the next hours of trading.
Have a great time.......
ruebennase
Questions and Comments are welcome!
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 of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!
Data by NSEIndia.com and moneycontrol.com!
todays NB misses the pricetarget that I have labbeld at chart (blue line) at 27530 just by some tics! The high was set at 27522.85, after that NB traded a bit below and close the market @ 27381.40 (Tradingview)!
NB has also risen in the blue dotted trendchannel, which also shows how importand and helpful this „tool“ in EW-terms is. As I wrote at my last analyse NB is showing weakness by observing the „RoC“-Indicator, which is trending down, his MA (13) is also declining.
Shortterm the pricelevel at 27151.75 (purple pricemark) is important. Trading below would indicate more declining action ahead, with targets at 26368, which is at my count a wave (4) of lesser degree. Trading below 25780.5 will increase the odds that a reversal of trend has occur (to my view)!
By observing NIFTY50 the picture look a bit different to my view.
Here at 11110.10 may a wave 3 (blue) was done and a pullback in a wave (4) is done or close to do so. May one down sequence is needed to complete, this will indicate a flat or a Triangle pattern has taken place, a common one within a wave 4!
If this pullback is a wave 4 of lesser degree a common price target lies at ~10984 zone and will touch the .38 RT of the wave (5) red, advance. If the complete wave , green advance is done a common target is at 10700-10666 area, which is also a wave 4 degree. Trading below or at 10490.85 will indicate that the advance is done and a reversal of trend has occur.
If NIFTY50 is able to reverse at one of the named target to the upside a new high to ~11335 iss my next target which has to develop in the next hours of trading.
Have a great time.......
ruebennase
Questions and Comments are welcome!
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 of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!
Data by NSEIndia.com and moneycontrol.com!