Hello Traders,
NIFTY50 gaped this morning (Fr. 15) to 10349.85, make it`s high at 10373.10 and performed the rest of the session weaker, closing the day @ 10326.80! The a/d-Ratio was very solid at 2.4!
Take notice by the behavior of traders at the dotted trendlines, marked at chart. Both, the blue and the red one has been gaped away this morning, and just at the purple one, which shows the midterm trendline, prices were focused with trouble of extending there gains. So, if at Mondays opening another gap up will occur the odds do increase that we`re in a wave ((iii)) of a larger advance. So a common target for a wave ((iii)) is at 10620, here prices will penetrade the upper trendline of the purple dotted trendchannel.
By playing the idea of a double 1-2 pattern the pullback to 10319.65 is to shallow for a wave ((ii)) retreacement and I think that there is shortterm, maybe after a positiv opening bell on Monday, another setback to 10285 zone at minimum.
If the running move is just part of a corrective one, the next target is around 10437 zone, where wave c equals wave a and a common target for a c-wave!
Trading below 10141.55, Thursday`s low, will indicate that another pattern is underway which we have to monitor closely.
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!
NIFTY50 gaped this morning (Fr. 15) to 10349.85, make it`s high at 10373.10 and performed the rest of the session weaker, closing the day @ 10326.80! The a/d-Ratio was very solid at 2.4!
Take notice by the behavior of traders at the dotted trendlines, marked at chart. Both, the blue and the red one has been gaped away this morning, and just at the purple one, which shows the midterm trendline, prices were focused with trouble of extending there gains. So, if at Mondays opening another gap up will occur the odds do increase that we`re in a wave ((iii)) of a larger advance. So a common target for a wave ((iii)) is at 10620, here prices will penetrade the upper trendline of the purple dotted trendchannel.
By playing the idea of a double 1-2 pattern the pullback to 10319.65 is to shallow for a wave ((ii)) retreacement and I think that there is shortterm, maybe after a positiv opening bell on Monday, another setback to 10285 zone at minimum.
If the running move is just part of a corrective one, the next target is around 10437 zone, where wave c equals wave a and a common target for a c-wave!
Trading below 10141.55, Thursday`s low, will indicate that another pattern is underway which we have to monitor closely.
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!