Hello Traders,
NIFTY50 has declined to 10004, a wave 4 of one lesser degree and a common target for a correction. This decline is either wave ((4)) Intermediate degree or it is a wave A of Minor degree of wave ((4)) on adaily timeframe!
The rebound from the low so far has retraced just shy below the 0.382 Fibonacci which is at 10674. The behavior in this achieved area must be monitore closely within the next 1 or 2 days.
The decline from the ATH lasted 59 days. So the countertrend is just to short in terms of time to count as complete, because it just took 14 days to rise to the 0.382 Fibo. I favor the idea that this rise is just a wave „a“ of a flat pattern.
A minimum timetarget to my view is at end of November. But notice that time-pattern is not the most important detail for waver. It is just the price-pattern and other indicators.
The daily TRIN at Friday closed at 0.33 which suggest, that advancing stocks have had a higher volume vs decling stocks. Meanwhile, the market moves sideways still. Not a good hint to my thoughts.
The classivc indicators as RSI is at ~50 area, just at the border line for a bullish view (above 50 on a daily close). VIX closed at 17.76 and remains on a high level.
Shortterm it is necessary that price is advancing above the .0382 Fibonacci @ 10674, and a daily close above this level would give more confidence for the count.
A close below and a test of the 10004 area would suggest a „ZigZag-pattern“with more bearish potencial for N50!
Just a price above the 11384 will eliminate the A-B-C pattern and tell us that the correction has endet at 10004 and we are may at the run to new highs.
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
NIFTY50 has declined to 10004, a wave 4 of one lesser degree and a common target for a correction. This decline is either wave ((4)) Intermediate degree or it is a wave A of Minor degree of wave ((4)) on adaily timeframe!
The rebound from the low so far has retraced just shy below the 0.382 Fibonacci which is at 10674. The behavior in this achieved area must be monitore closely within the next 1 or 2 days.
The decline from the ATH lasted 59 days. So the countertrend is just to short in terms of time to count as complete, because it just took 14 days to rise to the 0.382 Fibo. I favor the idea that this rise is just a wave „a“ of a flat pattern.
A minimum timetarget to my view is at end of November. But notice that time-pattern is not the most important detail for waver. It is just the price-pattern and other indicators.
The daily TRIN at Friday closed at 0.33 which suggest, that advancing stocks have had a higher volume vs decling stocks. Meanwhile, the market moves sideways still. Not a good hint to my thoughts.
The classivc indicators as RSI is at ~50 area, just at the border line for a bullish view (above 50 on a daily close). VIX closed at 17.76 and remains on a high level.
Shortterm it is necessary that price is advancing above the .0382 Fibonacci @ 10674, and a daily close above this level would give more confidence for the count.
A close below and a test of the 10004 area would suggest a „ZigZag-pattern“with more bearish potencial for N50!
Just a price above the 11384 will eliminate the A-B-C pattern and tell us that the correction has endet at 10004 and we are may at the run to new highs.
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!