Hello traders,
N50 may finished a Wave ((3)), Micro degree at 10490.55 and start a countertrend move in a Wave ((4)), developing into a possible Triangle!
If this is the case N50 is at forefront to fresh new lows in Wave ((5)) and after that occured, a new advance is able to start.
Todays a/d-R was strong at 1.72, but No of traded contracts by Future Traders was very weak. Normally at bottom levels you can more often than not observe a weak a/d-R (>.2-.3) and a strong Volume. The broader Marked measured a TRIN at 0.26, indicating a strong Day.
The alternate interpretation of the down move is a w-x-y pattern, but this is the probability with lesser confidence. Of course, more patterns are still to monitor, so the situation is not clear overall.
Note the yellow rectangle and the blue dotted Line I have placed at Chart as of my last analyse. The rectangle marked the pricetarget zone and the blue one the time to develop. Both are close to fullfil and it will be really interesting how Marked will answer this question.
A new rectangle (green) is a second targetzone, where the area of the pricelevel is measured by the 0.5 FibRT of the advance (9951.90-10920.20) and the 1.618 FibExt of the decline that started at 10929.20 at May 15! Note the falling grey dotted trendline, connecting the Wave (b) high @10631.25 and the high of a possible Wave iii at 10519.10. It will be nice to know if Traders will take notice to that line, touching and bouncing it a third time upwards, would increasing the likelihood of importance to that line!
The Indicators (RSI; DPMO) signal a possible shortterm change of trend, indicating an oversold behavior. So, as before, lets look for divergences at bottoms at the Indicators and a Candlestick pattern we all can remeber for a start of anew advance!?
Have great Day...
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!
N50 may finished a Wave ((3)), Micro degree at 10490.55 and start a countertrend move in a Wave ((4)), developing into a possible Triangle!
If this is the case N50 is at forefront to fresh new lows in Wave ((5)) and after that occured, a new advance is able to start.
Todays a/d-R was strong at 1.72, but No of traded contracts by Future Traders was very weak. Normally at bottom levels you can more often than not observe a weak a/d-R (>.2-.3) and a strong Volume. The broader Marked measured a TRIN at 0.26, indicating a strong Day.
The alternate interpretation of the down move is a w-x-y pattern, but this is the probability with lesser confidence. Of course, more patterns are still to monitor, so the situation is not clear overall.
Note the yellow rectangle and the blue dotted Line I have placed at Chart as of my last analyse. The rectangle marked the pricetarget zone and the blue one the time to develop. Both are close to fullfil and it will be really interesting how Marked will answer this question.
A new rectangle (green) is a second targetzone, where the area of the pricelevel is measured by the 0.5 FibRT of the advance (9951.90-10920.20) and the 1.618 FibExt of the decline that started at 10929.20 at May 15! Note the falling grey dotted trendline, connecting the Wave (b) high @10631.25 and the high of a possible Wave iii at 10519.10. It will be nice to know if Traders will take notice to that line, touching and bouncing it a third time upwards, would increasing the likelihood of importance to that line!
The Indicators (RSI; DPMO) signal a possible shortterm change of trend, indicating an oversold behavior. So, as before, lets look for divergences at bottoms at the Indicators and a Candlestick pattern we all can remeber for a start of anew advance!?
Have great Day...
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!