ruebennase

NIFTY50...First leg of an impuls move underway!

NSE:NIFTY   Nifty 50 Index
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Hello Traders,
NIFTY50 open todays session with a massiv gap and endet the day with a 421.10=3.69% gain!
This massiv and strong move, indicate a wave „three of three2 of lower degree with more bullsih potencial ahead.
A/d-Ratio today closed at a skyrocketing level of 9 (45 advances/5 declines) and support this conclusion. Todays TRIN closed at low reading of 0.35, inline with a fresh impulsiv scenario.
While todays session was accompied by a extending possible wave „3“ of lower degree, it could be possible to see one or two days of sideways to mild declining prices to reduce „overbought“ conditions. So after a corrective setback, that could develop into a „three-down“ the next move has to occur to the upside to complete wave „1“ and after a wave „2“ correction. It is early to judge this, so take this of a more „speculative“ idea what could be next.
The alternate view and count to my EW picture is a massive „fake-move“ up within a wave „b“ and a decline is next. But clear to say from my perspective is, that thisis an opportunity with lower confidence.
We will check NIFTY50 in the coming hours and update the chart if necessary.

Have great week...

ruebennase

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