Hello Traders,
the idea of a „countertrend“ played out, but a lower low was just to book and after that we advance up to 11603, which is just some points below the 0.618 RT of the first leg down!
The pattern of the countertrend shows just overlapping waves, which make the odds high for a wave (b). The 0.618 RT is a common target within a „ZigZag“ pattern and so for now we have to monitor the market close. I have counted my chart within a „five of a five“ and a target zone after an extending wave 5 is the zone of a wave 2 of lesser degree! So keep the zone at 11340 in mind. As it is possible to measure the length of wave (a) with the FibExtension, a common target for a wave (c), if wave (b) has finished Friday, is at 11234 were wave (c) = (a)!
At the weekly chart for NIFTY50 yoou will observe a „bearish Engulfing“! A classic reversal pattern. I`d like to get a confirmation with one more weaker week for a higher degree of confidention if this pattern plays out!
So for now I will wait for more clearness at chart, which pattern will develop in the coming hours.
Step beside!
Have a great week...
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!
the idea of a „countertrend“ played out, but a lower low was just to book and after that we advance up to 11603, which is just some points below the 0.618 RT of the first leg down!
The pattern of the countertrend shows just overlapping waves, which make the odds high for a wave (b). The 0.618 RT is a common target within a „ZigZag“ pattern and so for now we have to monitor the market close. I have counted my chart within a „five of a five“ and a target zone after an extending wave 5 is the zone of a wave 2 of lesser degree! So keep the zone at 11340 in mind. As it is possible to measure the length of wave (a) with the FibExtension, a common target for a wave (c), if wave (b) has finished Friday, is at 11234 were wave (c) = (a)!
At the weekly chart for NIFTY50 yoou will observe a „bearish Engulfing“! A classic reversal pattern. I`d like to get a confirmation with one more weaker week for a higher degree of confidention if this pattern plays out!
So for now I will wait for more clearness at chart, which pattern will develop in the coming hours.
Step beside!
Have a great week...
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!