Hello Traders,
the conclusion as of my last analyze was correct. NIFTY 50 declined the past two session and reduced „overbought“ condition, failed to retrace a 0.382 Fibonacci of the advance (@ 11586.43), which is also a wave „4“ of lesser degree. To my view the move need one more „up-down“ sequence to complete the correction and will advance thereafter.
While some questions ask for the slope and the retacement of the possible wave „3“ move I have published a 10 min chart below the analyze to show my count at this timeframe.
So, if N50 is not done, the range for a wave „4“ target is at 11592-11586 area, the latter one wave „c“ equals wave „a“. It could also be possible, that N50 will close the open gap from the trading of May 19 – May 20 at 11418-11651.90!
That would be a steep retracement, but still valid in Elliott Wave terms. At 11294.75 the bullish count is invalidated.
On the other hand, todays a/d-Ratio was strong at 2.1 (34 advances vs 16 declines) and at last weeks readings at this level a decline followed and after the massiv upmove took place. It will be interesting how N50 will manage this conditions.
I will monitor NIFTY50 closely and update the chart asap!
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
the conclusion as of my last analyze was correct. NIFTY 50 declined the past two session and reduced „overbought“ condition, failed to retrace a 0.382 Fibonacci of the advance (@ 11586.43), which is also a wave „4“ of lesser degree. To my view the move need one more „up-down“ sequence to complete the correction and will advance thereafter.
While some questions ask for the slope and the retacement of the possible wave „3“ move I have published a 10 min chart below the analyze to show my count at this timeframe.
So, if N50 is not done, the range for a wave „4“ target is at 11592-11586 area, the latter one wave „c“ equals wave „a“. It could also be possible, that N50 will close the open gap from the trading of May 19 – May 20 at 11418-11651.90!
That would be a steep retracement, but still valid in Elliott Wave terms. At 11294.75 the bullish count is invalidated.
On the other hand, todays a/d-Ratio was strong at 2.1 (34 advances vs 16 declines) and at last weeks readings at this level a decline followed and after the massiv upmove took place. It will be interesting how N50 will manage this conditions.
I will monitor NIFTY50 closely and update the chart asap!
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!