Hello Traders,
since yesterdays new ATH @ 10552.40 there is not much new to add! Since than, market traced out lower highs (@10534.55) and lower lows (@ 10460.45), by breaking the blue, dotted rising trendline at chart. Till here it is a clear three-move-pattern (which is able to draw in a trendchannel pink), while prices retreaced today the 0.5 FibRT from the low at 10372.65!
Both phases of declining prices intraday from Dec. 27/28 are equal in terms of price.
So, as long as price is trading below both higher levels as named before, the next target is to the downside at 10426.90 and a break below would open the door to 10372.50 ( at 10369.96 is the 0.38FibRT from 10074.80 – 10552.40)!
If prices will exceed the correction the next possible target is are 10313.60 and 10257.24 were price will retreace 0.5 + 0.618 RT of the same distance.
The next shortterm target is the lower declining boundary line @ 10450-10440 zone, depending on when and if it will be touched. If the next expected move is to the downside and creating a wave c low, it will be quick and hard, maybe by showing a „Gap down“ tomorrow! After touching the named pricelevels a sharp reversal is what I will expect as next move with new ATH`s as next.
On the other hand, if this phase of trading is a wave 2 correction on loewer degree, the correction is to shallow, while not exceeding the 0.38RT of the distance (10074.80-10882.45) at minimum!
So I think we`re not already down by this moves and we will get volatil markets within the next tradinghours.
If price will extend above the ATH at 10552.45 the next targets for the following one or two days is the upper pink trendline of the dotted trendchannel at ~10700 area.
Have a gret 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 NSEIndia.com and moneycontrol.com!
since yesterdays new ATH @ 10552.40 there is not much new to add! Since than, market traced out lower highs (@10534.55) and lower lows (@ 10460.45), by breaking the blue, dotted rising trendline at chart. Till here it is a clear three-move-pattern (which is able to draw in a trendchannel pink), while prices retreaced today the 0.5 FibRT from the low at 10372.65!
Both phases of declining prices intraday from Dec. 27/28 are equal in terms of price.
So, as long as price is trading below both higher levels as named before, the next target is to the downside at 10426.90 and a break below would open the door to 10372.50 ( at 10369.96 is the 0.38FibRT from 10074.80 – 10552.40)!
If prices will exceed the correction the next possible target is are 10313.60 and 10257.24 were price will retreace 0.5 + 0.618 RT of the same distance.
The next shortterm target is the lower declining boundary line @ 10450-10440 zone, depending on when and if it will be touched. If the next expected move is to the downside and creating a wave c low, it will be quick and hard, maybe by showing a „Gap down“ tomorrow! After touching the named pricelevels a sharp reversal is what I will expect as next move with new ATH`s as next.
On the other hand, if this phase of trading is a wave 2 correction on loewer degree, the correction is to shallow, while not exceeding the 0.38RT of the distance (10074.80-10882.45) at minimum!
So I think we`re not already down by this moves and we will get volatil markets within the next tradinghours.
If price will extend above the ATH at 10552.45 the next targets for the following one or two days is the upper pink trendline of the dotted trendchannel at ~10700 area.
Have a gret 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 NSEIndia.com and moneycontrol.com!