Hello Traders,
As I wrote yesterday NIFTY50 achieved the favore targed at 9848.70, closed the day at even the level of 9847.60 by making it`s high at 9857.90 and opened the day with a Gap up to 9905. This pattern fits in my view into a Wave 3 of (c) of c of (2) as shown by the chart! At 9846.14 Wave c equals the lenght of Wave a but this move look not like done already now. So at 9886 Wave c is about the length of 1.382 of Wave a which is a common target for aZigZag Pattern or it move higher in one more down-up sequence to 9901.89 where a FiboCluster by the 1.618 of Wave a and the .786 Fibo RT from 9947 - 9637 has taken place! This is my view will be a strong resistance and at latest a reversal point or the odds will decrease for this idea!
If NIFTY50 is able to stretch about the high at 9948 than I would think the correction is done and another pattern is on it`s way. By rising higher to 9988.35 and one tic above the correction is done with an a-b-c pattern and NIFTY50 will start is`s way into a Wave 3 (Minute) of Wave 1 of Minor degree!
So infact if NIFTY start it`s decline in a strong decline in a Wae 3 of c we have targets around the 9600-9550 zone. More greater bearish potential exists!
Another possibility is shown as by the 4 hour chart below the upper graph! But I do think that this is a setup with a lower opportunity!
Have agreat day
rubennase
Questions and Comments are welcome! Feel free to so 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 my interpretation the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!
As I wrote yesterday NIFTY50 achieved the favore targed at 9848.70, closed the day at even the level of 9847.60 by making it`s high at 9857.90 and opened the day with a Gap up to 9905. This pattern fits in my view into a Wave 3 of (c) of c of (2) as shown by the chart! At 9846.14 Wave c equals the lenght of Wave a but this move look not like done already now. So at 9886 Wave c is about the length of 1.382 of Wave a which is a common target for aZigZag Pattern or it move higher in one more down-up sequence to 9901.89 where a FiboCluster by the 1.618 of Wave a and the .786 Fibo RT from 9947 - 9637 has taken place! This is my view will be a strong resistance and at latest a reversal point or the odds will decrease for this idea!
If NIFTY50 is able to stretch about the high at 9948 than I would think the correction is done and another pattern is on it`s way. By rising higher to 9988.35 and one tic above the correction is done with an a-b-c pattern and NIFTY50 will start is`s way into a Wave 3 (Minute) of Wave 1 of Minor degree!
So infact if NIFTY start it`s decline in a strong decline in a Wae 3 of c we have targets around the 9600-9550 zone. More greater bearish potential exists!
Another possibility is shown as by the 4 hour chart below the upper graph! But I do think that this is a setup with a lower opportunity!
Have agreat day
rubennase
Questions and Comments are welcome! Feel free to so 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 my interpretation the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!