Hello Traders, todays move at NIFTY50 set a new ATH at 10242.95 on an intraday basis and also by closing bell @ 10230.85 (+63,40p/+0,62%). A/D-Ratio was solid at 2.125! At chart picture we have a clear structure by making higher highs and higher lows, which define a uptrend. In EW terms we`re at subwave v of (i) or we`re in a longer sideways move and consolidation which is a triangle and today we have complete a wave (d) of this formation. So a decline to at least the 0.618 RT of wave ((c)) -((d)) at 9899.99 has to accur at minimum and after that level a sharp upward move to new highs is at forefront. At this pricelevel a wave 4 of two lesser degress is placed. It this move today on the other hand complete wave (i) [minuette] or is close to do so we have also a sharp decline at hand with the same targets! While I´m not right sure about the odds I keep waiting for clearer odds and structure of the waves. If this move today was not the final subwave of wave v, next target is ~ 10355 zone! Have a great week ruebennase Questions and Comments are welcome! Note!---> This analysis 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 and moneycontrol.com!
Hi ruebennase,
One more possibility of triangle consolidation possible. Wave a of iv ended at 9685, wave b of iv is in expanding triangle and wave c of iv well now start once this up move ends. The abcde of wave b are a - 9678 to 9950, b - 9950 to 9720, c - 9720 to 10178, d - 10178 to 9687 and e continuing from 9687 to the current levels post which c starts. Can this also be a valid count.
One more possibility of triangle consolidation possible. Wave a of iv ended at 9685, wave b of iv is in expanding triangle and wave c of iv well now start once this up move ends. The abcde of wave b are a - 9678 to 9950, b - 9950 to 9720, c - 9720 to 10178, d - 10178 to 9687 and e continuing from 9687 to the current levels post which c starts. Can this also be a valid count.