Hello Trades,
because of the Nationalholiday at Friday I have switch to the Future, traded at SGX 0.02% 0.02% Exchange!
At Fridays tradingsession the Future made it`s high at 9926.50 and reversal strong after, by closing the day at 9905.0! So by making a new high in futures trading the odds are rising that NIFTY50 will catch up the high in Mondays trading by achieving around ~9901 as I mentioned before! If so, a strong reversal after making this high has to occur by following the idea of a decline in a wave 3 of c! Exeeding the level of 9947.80 by just one tic will mean that this count is no longer to favorable and valid and another pattern is on the move!
As a serious trader and analyst you always need a Plan "B" in your pocket and so let`s have a look to Indexes which commonly reflects those possibilitys! For this we catch the NIFTY200, the broader Index!
First thing you can see clearly that the Index is in a strong advance which is not done! So there is just a correction at a lesser degree on it`s way.
Now we`re just observing the last move from the up- to the downside!
At the 4 hourly chart (lower graph) you can see a clear 3-wave -0.11% -0.11% move to the downside, which is corrective (mark with the red arrows) and at this point an "a-b-c" move has ended or a wave "a" of higher degree has taken place. That would imply that a wave "b" is on the run with more possibilities to end, like a flat or a running/expanding flat or a triangle! As for now, the chance for a wave 4 is still possible and for that the Index has to decline immediatly in a wave 5, because by exeeding the high at 5393.45 (marked with the dooted red line at chart) the wave 4 idea is obsolet!
At the other hand you can see that the move which is betted between the purple arrows is still a clear three wave move which is corrective! By analysing this in EW termes it is a wave "2 or wave b"! If a wave 2 has ended a strong move to the upside will occur at Mondays tradingsession and the correction may still in place!
As you feel, we have many opportunity at the hand and the sitiuation is not clear (in my view)! Keep in mind that the correction is done and NIFTY 0.05% 0.05% will start a longer lasting advance.
At the next hours I think the pattern becomes clearer and show us the way for the next hours and days.
As for now, as long the favored count is working (decline ahead...) I will follow this idea.
Have great weekend
rubennase
Questions and Comments are welcome! Feel free to do so...
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 time 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!!!!
Sorry for any typing errors!
Data by NSE and SGX!
because of the Nationalholiday at Friday I have switch to the Future, traded at SGX 0.02% 0.02% Exchange!
At Fridays tradingsession the Future made it`s high at 9926.50 and reversal strong after, by closing the day at 9905.0! So by making a new high in futures trading the odds are rising that NIFTY50 will catch up the high in Mondays trading by achieving around ~9901 as I mentioned before! If so, a strong reversal after making this high has to occur by following the idea of a decline in a wave 3 of c! Exeeding the level of 9947.80 by just one tic will mean that this count is no longer to favorable and valid and another pattern is on the move!
As a serious trader and analyst you always need a Plan "B" in your pocket and so let`s have a look to Indexes which commonly reflects those possibilitys! For this we catch the NIFTY200, the broader Index!
First thing you can see clearly that the Index is in a strong advance which is not done! So there is just a correction at a lesser degree on it`s way.
Now we`re just observing the last move from the up- to the downside!
At the 4 hourly chart (lower graph) you can see a clear 3-wave -0.11% -0.11% move to the downside, which is corrective (mark with the red arrows) and at this point an "a-b-c" move has ended or a wave "a" of higher degree has taken place. That would imply that a wave "b" is on the run with more possibilities to end, like a flat or a running/expanding flat or a triangle! As for now, the chance for a wave 4 is still possible and for that the Index has to decline immediatly in a wave 5, because by exeeding the high at 5393.45 (marked with the dooted red line at chart) the wave 4 idea is obsolet!
At the other hand you can see that the move which is betted between the purple arrows is still a clear three wave move which is corrective! By analysing this in EW termes it is a wave "2 or wave b"! If a wave 2 has ended a strong move to the upside will occur at Mondays tradingsession and the correction may still in place!
As you feel, we have many opportunity at the hand and the sitiuation is not clear (in my view)! Keep in mind that the correction is done and NIFTY 0.05% 0.05% will start a longer lasting advance.
At the next hours I think the pattern becomes clearer and show us the way for the next hours and days.
As for now, as long the favored count is working (decline ahead...) I will follow this idea.
Have great weekend
rubennase
Questions and Comments are welcome! Feel free to do so...
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 time 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!!!!
Sorry for any typing errors!
Data by NSE and SGX!