Hello Traders,
yesterday's decline finished a wave ((5)) of iii @ 10790.20. Today`s advance is part of a wave iv of lesser degree and should develop into a flat, a variation thereof, or a triangle.
The latter opportunity will give a good forecast of what should be next. While a triangle is always a pattern, that leads to a final „thrust“ of this pattern, we would know one lower low to come after the triangle was done and reverse of trend should be next after.
A „flat“ or a variation of it should lead to further weakness after completion for N50 in the coming hours and days.
Anyway. Today`s advance is part of a flat, here possibly the wave (a) of an (a)-(b)-(c) pattern that needs some more up-down divisions to complete the structure.
As I wrote yesterday, the target levels are still valid. They range from 11106-11259.55!
On the other hand. If this decline was a first „five-down“ more short term bullish potential exists!
Have a great weekend....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
yesterday's decline finished a wave ((5)) of iii @ 10790.20. Today`s advance is part of a wave iv of lesser degree and should develop into a flat, a variation thereof, or a triangle.
The latter opportunity will give a good forecast of what should be next. While a triangle is always a pattern, that leads to a final „thrust“ of this pattern, we would know one lower low to come after the triangle was done and reverse of trend should be next after.
A „flat“ or a variation of it should lead to further weakness after completion for N50 in the coming hours and days.
Anyway. Today`s advance is part of a flat, here possibly the wave (a) of an (a)-(b)-(c) pattern that needs some more up-down divisions to complete the structure.
As I wrote yesterday, the target levels are still valid. They range from 11106-11259.55!
On the other hand. If this decline was a first „five-down“ more short term bullish potential exists!
Have a great weekend....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!