Hello Traders,
not really much new to add!
As you observe at the 90 min chart, a corrective flag is on the way which still has not retrace the 0.382 FibRT (=11559.55) of the advance (11234.95-11760.20) and it is not done for now to my view!
Correcting into that target area will met the range of a possible wave 4 of lesser dgree and may end this downmove. Trading below 11500 will make this advance complete and a longer lasting correction is underway! A targetzone for this scenario is around 11234.95, which is wave 4 (Micro degree). May the correction and here.
Nmotice that the slope of the correction is very shallow and a move to a fresh new ATH is possible (as I wrote at my last analyse) but it is not certain.
Only NIFTY IT is moving up to new highs last week, all other Major Indexes are still correcting in a „sideways“ move which is to me not clear what the result will be. Sideways move always often occurs within a flat-pattern or a triangle-pattern. The last one is not clear to view for my, so I need more evidence to one or the other side to judge!
Note that on Monday, Sept. 03 US Market is closed!
Have a gereat weekend...
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!
not really much new to add!
As you observe at the 90 min chart, a corrective flag is on the way which still has not retrace the 0.382 FibRT (=11559.55) of the advance (11234.95-11760.20) and it is not done for now to my view!
Correcting into that target area will met the range of a possible wave 4 of lesser dgree and may end this downmove. Trading below 11500 will make this advance complete and a longer lasting correction is underway! A targetzone for this scenario is around 11234.95, which is wave 4 (Micro degree). May the correction and here.
Nmotice that the slope of the correction is very shallow and a move to a fresh new ATH is possible (as I wrote at my last analyse) but it is not certain.
Only NIFTY IT is moving up to new highs last week, all other Major Indexes are still correcting in a „sideways“ move which is to me not clear what the result will be. Sideways move always often occurs within a flat-pattern or a triangle-pattern. The last one is not clear to view for my, so I need more evidence to one or the other side to judge!
Note that on Monday, Sept. 03 US Market is closed!
Have a gereat weekend...
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!