Hello Traders,
NIFTY50 made a low at 11108.45 and start an advance since. This move could be wave „1“ of a larger uptrend, that can led N50 to new highs.
At the short term the move up is not a clear „five-up“ but the slope of the advance is one argument for this. The second leg up, started at 11137.45 on May 15 is countable as a „slit up“ wave, a series of „one`s „ and „two`s“. If so, the low at 11108 is the bottom of a possible wave „ii“ and we are at the early stages of a wave „iii“!
On the other hand, any decline below the 11108 will extend the decline throug the 0.618 Fibonacci of the wave „1-2“ at 11068 points. More bearish potencial exist.
Todays a/d-Ratio was strong at 3.5, support the view of a new advance. By checking the broader NSE market data, you will observe that there is, in contrast to NIFTY50, an a/d-Ratio of 0.76, slightly negative. traderscockpit.com/?pageView=live-nse-advance-decline-ratio-chart
This divergence is to observe in the coming hours. The broader market has to move in unison either up or down to establish a trend.
If anything new develop, we will discuss it here.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
NIFTY50 made a low at 11108.45 and start an advance since. This move could be wave „1“ of a larger uptrend, that can led N50 to new highs.
At the short term the move up is not a clear „five-up“ but the slope of the advance is one argument for this. The second leg up, started at 11137.45 on May 15 is countable as a „slit up“ wave, a series of „one`s „ and „two`s“. If so, the low at 11108 is the bottom of a possible wave „ii“ and we are at the early stages of a wave „iii“!
On the other hand, any decline below the 11108 will extend the decline throug the 0.618 Fibonacci of the wave „1-2“ at 11068 points. More bearish potencial exist.
Todays a/d-Ratio was strong at 3.5, support the view of a new advance. By checking the broader NSE market data, you will observe that there is, in contrast to NIFTY50, an a/d-Ratio of 0.76, slightly negative. traderscockpit.com/?pageView=live-nse-advance-decline-ratio-chart
This divergence is to observe in the coming hours. The broader market has to move in unison either up or down to establish a trend.
If anything new develop, we will discuss it here.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.