ruebennase

NIFTY50....Wave B or whats next?

NSE:NIFTY   Nifty 50 Index
Hello Traders,
just two indexes of India market has risen above its .618 Fibonacci.
NIFTY IT and Bank Nifty .
While NB has made a „three-down“ since the high at 27542, NIFTY IT has made a series of higher lows. The odds are really high that NB is on the way to a higher high and N IT ia able to make new ATH`s well above ~16500 area. Other indices as N50, SENSEX, N100 , NIFTY Next50 area much weaker. So this non-conformation is close to watch and we have to wait how market will give the answer.
N50, as before, is showing overlapping waves, which indicate to my view a corrective move, that is not done for now maybe, but the next bigger move should occur to the downside. At 11089 there is the .618 Fibonacci of the last decline and as long this level is not achieved I still stay with this view.
At Jan 31 the a/d-R jumped to 4, which is a strong bull signal in a rising market and often the kickoff for stronger advances. Fridays session create a Ratio of a bit more than 2 (34/16). Monday and Tuesday session will give more confidence if this is the case.
If any clear pattern develop we will discuss it here.
Have a great weekend.....
ruebennase

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