Hello Traders,
NIFTY50 finished an (A)-(B)-(C)-flat pattern @11657 and declined in a sell-off, may an extended wave (5) of ((3)). That would man, that a wave ((4)) up, followed by a wave ((5)) of „c“ down is next to occur. I have counted this move with an „extending wave „three of three“, and a well placed target seems around the 11300 area, marked with a blue dotted trendline.
Note that todays intraday low is both, a 0.382 Fibonacci of the advance from 10585-11849.50 as it is a 1.618 Fibonacci Extension of wave „c“! So I think a massiv support area!
So chance is given for a „countertrend“ move tomorrow within a wave ((4)).
The alternate labels are placed below the chart.
During typing this anaylze NIFTY50 Future is declining still to new afterhours low, indicating that wave ((3)) is not done.
Todays a/d-Ratio was shallow at 0.25 and TRIN popped to a 1.56 oversold area. This low reading often, not always, occurs at bottoms or near those!
Be prepared for a rise at Vola to level seldom seen in history.
If anything new develop we will discuss at this pages.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
NIFTY50 finished an (A)-(B)-(C)-flat pattern @11657 and declined in a sell-off, may an extended wave (5) of ((3)). That would man, that a wave ((4)) up, followed by a wave ((5)) of „c“ down is next to occur. I have counted this move with an „extending wave „three of three“, and a well placed target seems around the 11300 area, marked with a blue dotted trendline.
Note that todays intraday low is both, a 0.382 Fibonacci of the advance from 10585-11849.50 as it is a 1.618 Fibonacci Extension of wave „c“! So I think a massiv support area!
So chance is given for a „countertrend“ move tomorrow within a wave ((4)).
The alternate labels are placed below the chart.
During typing this anaylze NIFTY50 Future is declining still to new afterhours low, indicating that wave ((3)) is not done.
Todays a/d-Ratio was shallow at 0.25 and TRIN popped to a 1.56 oversold area. This low reading often, not always, occurs at bottoms or near those!
Be prepared for a rise at Vola to level seldom seen in history.
If anything new develop we will discuss at this pages.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!