Hello Traders,
N50 made a low at Sept. 12 @11301.85, making a „Hammer-candle“ on a daily basis and gaped up the next day to 11515.20, intraday high at 11523.25. This move was accompied by a huge a/d-Ratio of 11(!!)! Nearly all shares were advancing this day. This is the highest level since I notice the Ratio and is either a bear trap or the start to new ATH`s above the 11760 as of Aug 28.
The low @11301.85 meet nearly perfect the wave 4 low of one lesser degree and it is likely that N50 has endet it`s correction at this level. Notice that the 0.382 Fibonacci is @11300.85 (wave (ii)-(iii)! Any decline below 11158.95 on a closing basisi makes the impulsiv idea more ulikely, `cause waves 4 rarely retrace more than the .5 Fibonacci within a wave 3. It is still allowed in R. N. Elliott rules but I don`tlike to see this!
The alternate is that the decline is a wave „a“ low and the countertrend (?) is a wave „b“, after that a wave „c“ is next to occur! Notice that there is an open gap of the opening of July27 @11237 to the close @ 11184.25 one day before!
While a wave (iv) often move sideways it is possible that a flat or a trianglepattern is developing. I need to see more intenal structure within the next hours and days to judge the move. The level of 10893.25 will eliminate this count and makes it less probably.
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!
N50 made a low at Sept. 12 @11301.85, making a „Hammer-candle“ on a daily basis and gaped up the next day to 11515.20, intraday high at 11523.25. This move was accompied by a huge a/d-Ratio of 11(!!)! Nearly all shares were advancing this day. This is the highest level since I notice the Ratio and is either a bear trap or the start to new ATH`s above the 11760 as of Aug 28.
The low @11301.85 meet nearly perfect the wave 4 low of one lesser degree and it is likely that N50 has endet it`s correction at this level. Notice that the 0.382 Fibonacci is @11300.85 (wave (ii)-(iii)! Any decline below 11158.95 on a closing basisi makes the impulsiv idea more ulikely, `cause waves 4 rarely retrace more than the .5 Fibonacci within a wave 3. It is still allowed in R. N. Elliott rules but I don`tlike to see this!
The alternate is that the decline is a wave „a“ low and the countertrend (?) is a wave „b“, after that a wave „c“ is next to occur! Notice that there is an open gap of the opening of July27 @11237 to the close @ 11184.25 one day before!
While a wave (iv) often move sideways it is possible that a flat or a trianglepattern is developing. I need to see more intenal structure within the next hours and days to judge the move. The level of 10893.25 will eliminate this count and makes it less probably.
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!