Hello Traders,
on Mondays and todays tradingsession NIFTY rose to 10097.55 at topp and closed today @ 10093.05 after opening the day with a Gap by 50 points and set a low at 10028.50! Todays a/d-Ratio jumped to 4.1 (41/10). Yesteradays a/d-Ration closed at 1.83 (33/17/1).
By trading today NIFTY reached to the 0.88 RT (100137.85 - 9685.55) and fullfilled the Minimum expectation for a flat pattern. While RSI is at overbought area a pullback is possible within the next hours! Also the wave structure from the low at 9685.55 shows overlapping waves, which indicates a corrective move. So NIFTY is aible to streetch above the high at 10137.55 by creating a flat pattern and complete wave "b" and a third leg to the downside has to occur to complete a flat correction in a Wave "c"!
In a bullish case we have start a new advance to a new ATH above 10137.85 and we`re still in a series of one`s and two`s. The odds also favor a "ascending triangle" marked with the dotted blue line and a breakaway gap which set the stage for a new advance! If a pullback is still to occur the target zone is around 9983-9966!
If this is the case we`re on the move for a last leg of a longer advance which bring NIFTY well above the 10137.85 level.
Have a great day
rubennase
on Mondays and todays tradingsession NIFTY rose to 10097.55 at topp and closed today @ 10093.05 after opening the day with a Gap by 50 points and set a low at 10028.50! Todays a/d-Ratio jumped to 4.1 (41/10). Yesteradays a/d-Ration closed at 1.83 (33/17/1).
By trading today NIFTY reached to the 0.88 RT (100137.85 - 9685.55) and fullfilled the Minimum expectation for a flat pattern. While RSI is at overbought area a pullback is possible within the next hours! Also the wave structure from the low at 9685.55 shows overlapping waves, which indicates a corrective move. So NIFTY is aible to streetch above the high at 10137.55 by creating a flat pattern and complete wave "b" and a third leg to the downside has to occur to complete a flat correction in a Wave "c"!
In a bullish case we have start a new advance to a new ATH above 10137.85 and we`re still in a series of one`s and two`s. The odds also favor a "ascending triangle" marked with the dotted blue line and a breakaway gap which set the stage for a new advance! If a pullback is still to occur the target zone is around 9983-9966!
If this is the case we`re on the move for a last leg of a longer advance which bring NIFTY well above the 10137.85 level.
Have a great day
rubennase