Hello Traders,
NIFTY50 open the day at 9907.15 (+50.1) made it`s high @ 9925.75 right at the middle of tradingday and the low at 9882 and closed at 9912.80, leaving a second Doji at the chart. This candle, which is the second in a row implies uncertain by traders! Uncertain by traders if the pullback is just a countertrend or the beginning of a new advance! I also have placed new alternate labels at chart.
On a daily basis, the 4 hourly and the 15 min chart this pattern look not complete. So one more higher high is to favor and as higher the Index crawl as lower become the odds that we`re in a wave ii! The MoB is just 9947.80 and today at 9927.79 is has achieved the .88 RT of the first(?) decline!
So at 9892.95 will implies that a top is in place, closing the Gap created by today`s open a second in my view! A retourn under the blue dotted trendline and a close as more important will mean that a top is in place! A first target is around 9850.85 a wave 4 low of lesser degree.
If the level at 9947.80 will exceed a wave b move to the last high at 10137 is to favor, so a flat might keep in place and a wave c at this area will start to new lows.
The next tradinghours bring more clarity!
Have a great day
rubennase
Questions and Comments are welcome! Feel free to do so...
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!
NIFTY50 open the day at 9907.15 (+50.1) made it`s high @ 9925.75 right at the middle of tradingday and the low at 9882 and closed at 9912.80, leaving a second Doji at the chart. This candle, which is the second in a row implies uncertain by traders! Uncertain by traders if the pullback is just a countertrend or the beginning of a new advance! I also have placed new alternate labels at chart.
On a daily basis, the 4 hourly and the 15 min chart this pattern look not complete. So one more higher high is to favor and as higher the Index crawl as lower become the odds that we`re in a wave ii! The MoB is just 9947.80 and today at 9927.79 is has achieved the .88 RT of the first(?) decline!
So at 9892.95 will implies that a top is in place, closing the Gap created by today`s open a second in my view! A retourn under the blue dotted trendline and a close as more important will mean that a top is in place! A first target is around 9850.85 a wave 4 low of lesser degree.
If the level at 9947.80 will exceed a wave b move to the last high at 10137 is to favor, so a flat might keep in place and a wave c at this area will start to new lows.
The next tradinghours bring more clarity!
Have a great day
rubennase
Questions and Comments are welcome! Feel free to do so...
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!