Hello Traders,
Nifty50 had another strong day. It rises +91 point (+.92%) to 9989.35 at top, close that day at 9979.70 after opening to 9908.15. While the a/d-Ratio jumped to 4.55 today it suggest to me a strong advance has started which will bring NIFTY at and beyond his latest ATH @ 10179.85 in several days and weeks. We also have an alternate count, which is bearish, indicating a wave c of ii is developing with targets around 10050 zone. This count steps back as the second one with the next highest chance of possibility.
At the 30 min chart, by counting the bullish view, you can observe that NIFTY50 is in a wave 3 of a iii (which suggest the strongest a/d-Ratio within the last days; Volume is not avaliable to me right now) with targets around 10028 points. At this level a pullback in wave 4 has to occur and start thereafter a new advance to the wave 5 top around the 10050 zone. This price level is very specific to analyse because it can end a wave c of ii or a wave ((5)) of iii of an impulsive move!! So if a/d-Ratio at Monday stays on that high level, may a bit more shallow to today, and volume is solid by also rising prices it will increase the odds for that wave count!
At the other hand, we have the alternate count, implying a bearish view by nearly completing a wave c of ii at the same price level (~10050), where wave c equals wave a, and start a fresh new decline in NIFTY50 with targets below the 9687.55 at Sept. 28!
USDINR reversal at the 0.45 RT of wave 3 and shows a strong move over the last hours. Here it also will bring more clearity to the markets if the last move to the upside was an impulisve one ar more a corrective, which will bring USDINR to fresh new lows in awave 5 of higher degree.
All other Indexes, as the NIFTY200/500, SENSEX and the NIFTY Future E-micro showing strong days that Friday by bullish candles. This overall view to the broader market is the cause, while I am changing my view from bearish to bullish one!
Have agreat weekend
ruebennase
Questions and Comments are welcome!
Note!---> This analysis 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 NSE!
Nifty50 had another strong day. It rises +91 point (+.92%) to 9989.35 at top, close that day at 9979.70 after opening to 9908.15. While the a/d-Ratio jumped to 4.55 today it suggest to me a strong advance has started which will bring NIFTY at and beyond his latest ATH @ 10179.85 in several days and weeks. We also have an alternate count, which is bearish, indicating a wave c of ii is developing with targets around 10050 zone. This count steps back as the second one with the next highest chance of possibility.
At the 30 min chart, by counting the bullish view, you can observe that NIFTY50 is in a wave 3 of a iii (which suggest the strongest a/d-Ratio within the last days; Volume is not avaliable to me right now) with targets around 10028 points. At this level a pullback in wave 4 has to occur and start thereafter a new advance to the wave 5 top around the 10050 zone. This price level is very specific to analyse because it can end a wave c of ii or a wave ((5)) of iii of an impulsive move!! So if a/d-Ratio at Monday stays on that high level, may a bit more shallow to today, and volume is solid by also rising prices it will increase the odds for that wave count!
At the other hand, we have the alternate count, implying a bearish view by nearly completing a wave c of ii at the same price level (~10050), where wave c equals wave a, and start a fresh new decline in NIFTY50 with targets below the 9687.55 at Sept. 28!
USDINR reversal at the 0.45 RT of wave 3 and shows a strong move over the last hours. Here it also will bring more clearity to the markets if the last move to the upside was an impulisve one ar more a corrective, which will bring USDINR to fresh new lows in awave 5 of higher degree.
All other Indexes, as the NIFTY200/500, SENSEX and the NIFTY Future E-micro showing strong days that Friday by bullish candles. This overall view to the broader market is the cause, while I am changing my view from bearish to bullish one!
Have agreat weekend
ruebennase
Questions and Comments are welcome!
Note!---> This analysis 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 NSE!