Hello Traders,
the NIFTY50 made a new high at 10137.85 on Aug 2nd. From that level on a short term decline is in progress and meet 9947 which was the Wave 4 Zone of one lesser degree. This move is clearly a corrective pattern. As long as the NIFTY is trading below the level of 10057 I favor the idea that Wave c is not complete. At 9938 Wave c equals Wave a and at 9845 it is 1.618 the lenght of Wave a. The target zone for that idea is 9881 to 9845. There a Wave a of higher degree could be complete and a multi days countertrend can occur. This is my view for the most probable count.
Also the NIFTY200 set a bearish Engulfing candle on a daily basis which is a reversal candle and have to be confirmed the next two days at latest. And the "ishare MSCI Small Cap Index Fund" is working on a Barrier Triangle which seems that it will not broken to the upside. So exciting days to come...
The chart is open to more interpretations and we will disscus it here at time.
Have a great day...
rubennase
the NIFTY50 made a new high at 10137.85 on Aug 2nd. From that level on a short term decline is in progress and meet 9947 which was the Wave 4 Zone of one lesser degree. This move is clearly a corrective pattern. As long as the NIFTY is trading below the level of 10057 I favor the idea that Wave c is not complete. At 9938 Wave c equals Wave a and at 9845 it is 1.618 the lenght of Wave a. The target zone for that idea is 9881 to 9845. There a Wave a of higher degree could be complete and a multi days countertrend can occur. This is my view for the most probable count.
Also the NIFTY200 set a bearish Engulfing candle on a daily basis which is a reversal candle and have to be confirmed the next two days at latest. And the "ishare MSCI Small Cap Index Fund" is working on a Barrier Triangle which seems that it will not broken to the upside. So exciting days to come...
The chart is open to more interpretations and we will disscus it here at time.
Have a great day...
rubennase