Nifty50...Countertend on the run! 10704 area next?
Hello Traders,
just a quick update for N50!
As of the last analyse, N50 plunged to the mentioned targetzone at 10198, even some tics above the cited 10187. From here a ”three-wave” move occured. For this pattern, to my view, we have now two options.
The first is, that the move is wave “a” of (iv) or it is wave (iv)!
The last option is the one with the lowest probability, because the pullback (countertrend) is to shallow and did not fulfill the targetzone for a 0.382 Fibonacci of wave (iv) !
So I play with the first option and the price target at 10704 (purple trendline) area is just my favored idea!
To bring one more option into play, as of wave 4 correction, no matter which degree, a triangle is also possible. But for this idea I need to see more evidence and it is to early to judge for theat case.
So, be prepared, that the countertrend is not done or now.
Any drop below the last low @ 10198,40 set the stage for a wave 5 low next to occur. The before named price target is around the 9951.90 – 9881 zone.
Have a great day…
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 and teletrader.com!
just a quick update for N50!
As of the last analyse, N50 plunged to the mentioned targetzone at 10198, even some tics above the cited 10187. From here a ”three-wave” move occured. For this pattern, to my view, we have now two options.
The first is, that the move is wave “a” of (iv) or it is wave (iv)!
The last option is the one with the lowest probability, because the pullback (countertrend) is to shallow and did not fulfill the targetzone for a 0.382 Fibonacci of wave (iv) !
So I play with the first option and the price target at 10704 (purple trendline) area is just my favored idea!
To bring one more option into play, as of wave 4 correction, no matter which degree, a triangle is also possible. But for this idea I need to see more evidence and it is to early to judge for theat case.
So, be prepared, that the countertrend is not done or now.
Any drop below the last low @ 10198,40 set the stage for a wave 5 low next to occur. The before named price target is around the 9951.90 – 9881 zone.
Have a great day…
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 and teletrader.com!
unfortunatly I`m not able to publish a new analyse for N5=, becaus eof aan "issue". I have empty the caxhe at my computer and siince than, tradingview did not allow me to publish any kind of comment or idea.
If one of you is able to help my to fixe this issue it would be great.
since than I have to apologize for this.
Have a great day...
ruebennase