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!
Could you have a look at this?
Same Pattern in Bank Nifty.
Really looking forward to your feedback.
Thanks!