Hello Traders,
the selling pressure which start strong at Friday hold on that day. Nearly the complete session declined that Index, just the last hour shows some Buyers at the floor.
Todays data: o: 9960.10; h:9960.10; l: 9816.50; c: 9872.60 or (-91.8p/-092%) The a/d-Ratio was very low at 0.36 (13/36/2) at the end of the day.
Markets action the last two days show a pattern where I´m not certain how it fits to the overall look. On the one hand it look impulsiv down in a wave 1-2-3 and a four that startet today for the next hours on the other hand it look to me more as an a-b-c pattern, whereby the selloff from 10145.5 to 9836.20 at todays low look even more corrective! It also exceed to the 2.618 FibExt (10178.95 - 10058-60 - 10141.55) the maximum which is allowed in a wave c of a flat. By exceeding more the count has to switch to an impulisv one (1-2-3-4-5)! At the 2h chart u also can observe the VIX which jump to a new high at 13.64 and labeld the move as an not yet complete impulsiv one. At 2h and the 15 min chart we can see that RSI is strongly oversold and a pullback is still at forehand. The targetzone for that move is around 9942 where two FiB`s RT and FibExt take place. After that a new decline has the targetzone around 9741 area.
It is now sure that this moves will occur, but as I wrote before my favoured scenario is the wave c move to the downside with the named targetzones. If prices cut the 10058.6 level than to my view the impulsiv move isn`t one so I have to check for another pattern.
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 NSE!
the selling pressure which start strong at Friday hold on that day. Nearly the complete session declined that Index, just the last hour shows some Buyers at the floor.
Todays data: o: 9960.10; h:9960.10; l: 9816.50; c: 9872.60 or (-91.8p/-092%) The a/d-Ratio was very low at 0.36 (13/36/2) at the end of the day.
Markets action the last two days show a pattern where I´m not certain how it fits to the overall look. On the one hand it look impulsiv down in a wave 1-2-3 and a four that startet today for the next hours on the other hand it look to me more as an a-b-c pattern, whereby the selloff from 10145.5 to 9836.20 at todays low look even more corrective! It also exceed to the 2.618 FibExt (10178.95 - 10058-60 - 10141.55) the maximum which is allowed in a wave c of a flat. By exceeding more the count has to switch to an impulisv one (1-2-3-4-5)! At the 2h chart u also can observe the VIX which jump to a new high at 13.64 and labeld the move as an not yet complete impulsiv one. At 2h and the 15 min chart we can see that RSI is strongly oversold and a pullback is still at forehand. The targetzone for that move is around 9942 where two FiB`s RT and FibExt take place. After that a new decline has the targetzone around 9741 area.
It is now sure that this moves will occur, but as I wrote before my favoured scenario is the wave c move to the downside with the named targetzones. If prices cut the 10058.6 level than to my view the impulsiv move isn`t one so I have to check for another pattern.
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 NSE!