Hello Traders,
not much new to add to NIFTY50. At Sept. 21 NIFTY50 trade the last time above 10K level. Today the close is at 10016.95 (+28.20p/+0.28%) A/D-Ratio was just at 1.526 which is not a top level but still support the view to a new advance.
Todays top was set at 10034 and it is just some points away from the 10044 target where wave ((iii)) is the 1.618 FibExt of wave ((i))! If the first wave of this advance is extending, which is very heavy to forecast, so at this level a reversal has to occur in a setback of wave ((iv)) to ~9970 zone and thereafter a wave ((v)) to finish wave iii (blue)! It is still possible that at 10015 Wave iii (blue) has ended, by only extending a bit more than 1.38 of FibExt to wave i (blue) and we have just one more up sequence to complete wave v (blue) and a decline is just to look for. Please note the divergence at RSI and NIFTY!
Per the alternate count it is also avaliable that NIFTY stretch the countertrend and the MoB-Level for this scenario is about the high at 10179.85 of Sept. 19!
While VIX is at lower levels and still "declining" the odds do favor an ongoing advance for the next hours. ROC is showing some kind of sideways movement which also supports that forecast to my view.
So, in mix the odds give both opportunitys way to develop and I think it is better to step at side and wait for clearer pattern.
Have a great day
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!
not much new to add to NIFTY50. At Sept. 21 NIFTY50 trade the last time above 10K level. Today the close is at 10016.95 (+28.20p/+0.28%) A/D-Ratio was just at 1.526 which is not a top level but still support the view to a new advance.
Todays top was set at 10034 and it is just some points away from the 10044 target where wave ((iii)) is the 1.618 FibExt of wave ((i))! If the first wave of this advance is extending, which is very heavy to forecast, so at this level a reversal has to occur in a setback of wave ((iv)) to ~9970 zone and thereafter a wave ((v)) to finish wave iii (blue)! It is still possible that at 10015 Wave iii (blue) has ended, by only extending a bit more than 1.38 of FibExt to wave i (blue) and we have just one more up sequence to complete wave v (blue) and a decline is just to look for. Please note the divergence at RSI and NIFTY!
Per the alternate count it is also avaliable that NIFTY stretch the countertrend and the MoB-Level for this scenario is about the high at 10179.85 of Sept. 19!
While VIX is at lower levels and still "declining" the odds do favor an ongoing advance for the next hours. ROC is showing some kind of sideways movement which also supports that forecast to my view.
So, in mix the odds give both opportunitys way to develop and I think it is better to step at side and wait for clearer pattern.
Have a great day
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!