Hello Traders,
NIFTY50 is moving higher, making a new ATH @11620.70 and creating the first part of a possible „Shooting Star“ at the Top on Weekly basis!
At lower timeframes the move-up does not look done, even more as a wave 3 of 5 of 5 of lesser degree, which need some more down-up sequences to complete.
At August 13, N50 made a low at 11340.30 and at 11355.75 on a closing basisi. The a/d-Ratio closed at 0.61! The next tradingday a push to new highs started and traders confidence to new highs pushed the Index to 11620.70.
More important to know is, that these low reading of the a/d-R often occurs before Market move up. On August 16 the Ratio closed @ 0.67, a bearish day and the next day the Index continuess it`s rally! So it is likely to be psossible that after two days of low reading of the Ratio (0.85+0.75) the Index need one more low reading and than push higher, but it is not for certain.
Note the two yellow rectangles. The first marked the distance from low to high. The next session a „Gap-up“ occurs, which is to identify with the second rectangle. While some kind of Gaps often occur at the middle of a move, the move is possible done, the target got reached at 11620! One more argument for the end of this „rally“!
At the 2 h chart the following pattern is clear to identify as a „three“ down and is at or close to end. The result would run into a new ATH for NIFTY50 and make this move the wave (3) of ((5)) of v (purple)!
The Momentum-Indicator (ohlc-Basis) is dancing at it`s centerline and still looking for a bullish move, while INDIAVIX is trending lower ( at 12) and RSI is still in bullish area too!
Bank NIFTY is also showing a „three“ which suggest to be be nearly complete, while NIFTY IT made a new high within a bearish day @ 15410. This move (daily) look like a „five“ and done! So there are mixed (to my view) pictures and it will be interesting how the marked will answer this!
Trading below 11494 will open the door to 11355.75 (Daily close)!
Have a great week...
ruebennase
Questions and Comments are welcome!
Note!---> This analys can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!
Data by NSEIndia.com!
NIFTY50 is moving higher, making a new ATH @11620.70 and creating the first part of a possible „Shooting Star“ at the Top on Weekly basis!
At lower timeframes the move-up does not look done, even more as a wave 3 of 5 of 5 of lesser degree, which need some more down-up sequences to complete.
At August 13, N50 made a low at 11340.30 and at 11355.75 on a closing basisi. The a/d-Ratio closed at 0.61! The next tradingday a push to new highs started and traders confidence to new highs pushed the Index to 11620.70.
More important to know is, that these low reading of the a/d-R often occurs before Market move up. On August 16 the Ratio closed @ 0.67, a bearish day and the next day the Index continuess it`s rally! So it is likely to be psossible that after two days of low reading of the Ratio (0.85+0.75) the Index need one more low reading and than push higher, but it is not for certain.
Note the two yellow rectangles. The first marked the distance from low to high. The next session a „Gap-up“ occurs, which is to identify with the second rectangle. While some kind of Gaps often occur at the middle of a move, the move is possible done, the target got reached at 11620! One more argument for the end of this „rally“!
At the 2 h chart the following pattern is clear to identify as a „three“ down and is at or close to end. The result would run into a new ATH for NIFTY50 and make this move the wave (3) of ((5)) of v (purple)!
The Momentum-Indicator (ohlc-Basis) is dancing at it`s centerline and still looking for a bullish move, while INDIAVIX is trending lower ( at 12) and RSI is still in bullish area too!
Bank NIFTY is also showing a „three“ which suggest to be be nearly complete, while NIFTY IT made a new high within a bearish day @ 15410. This move (daily) look like a „five“ and done! So there are mixed (to my view) pictures and it will be interesting how the marked will answer this!
Trading below 11494 will open the door to 11355.75 (Daily close)!
Have a great week...
ruebennase
Questions and Comments are welcome!
Note!---> This analys can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!
Data by NSEIndia.com!