ruebennase

NIFTY50...Wave (C) of B (circle) on the move up?

NSE:NIFTY   Nifty 50 Index
Hello Traders,
the low @10302.75 on Feb. 19 is intact and is the important level to the downside, as it is the high of a possible Wave (A) @ 10637.80 on Feb. 08!
I have replaced the impulsive label for a wave c down from chart and set the low for a Wave C of (B) @ 10302.75. At this level the decline following after the Wave (A) high to Wave (B) low (blue) retraced 1.4 of the distance, which is a nearly common target for a Wave C ending a flat correction .
The move to the upside since than is yet a „3-up“ and may still develop into a „5-up“. The odds are not clear for now, but the strong a/d-Ratio on Friday, 23 at 6.14 implies the start of a wave 3 of C or the end of the overall correction. Last conclusion is the one with the lower probabilty to my view, because it did not fit well into the overall pattern and as well not to the „Right Look“ to the concept of Elliott Wave!

By playing the idea of a of a Wave (C) of B (circle) we have targets @10637.80 or just some tics higher @10662.41 where Wave (C) equals Wave (A) in terms of price. Another common target zone is at 10801-10828. Here the 1.38 FibExt of wave (A) is placed, and second the . 618 retracement from the decline 11171.55-10276.30 is also. Maybe a gap to the upside can occur at Monday, which can be interpret as a „Breakaway Gap“!
A break to the downside before touching the levels I named befor, would implie that the correction is not over and a new low is next to occur and a more complex pattern is on the move.
Have a great weekend....
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!
@ruebennase, Is the gap is of breakway in nature? Any alternate probable count?
Reply
ruebennase rsnerella
@rsnerella,
Hi, no breakaway I think. Trouble ahead! Massive correction possible....
Reply
rsnerella ruebennase
@ruebennase, Can we think this as B (abc flat) done and C in progress?
Reply
ruebennase rsnerella
@rsnerella,
May a double zigzag and a w-x-y within a wave 2/b and a c or 3 down can be next
Reply
ruebennase rsnerella
@rsnerella,
It seams that NIFTY50 is running in nearly semilar patterns as the Dow did...watch this behavior...
Reply
rsnerella ruebennase
@ruebennase, Are we in wave 2 on daily? Please check.
Reply
ruebennase rsnerella
@rsnerella, got this links. Thank you. Is there any Source for the NIFTY50 or just one for the broader Market?
Reply
rsnerella ruebennase
@ruebennase, There is couple of links but not sure howmuch they update on real time or EOD basis. Here is one for sector based. http://www.motilaloswal.com/markets/stock-market-live/Advance-Declines.aspx
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