Hello Traders,
after NIFTY50 a/d-R jumped to a high yesterday at 3.16, today it was a bit shallow at 1.94, but ending the day @ 9914.90 (+55.40/+0.56%)! NIFTY50 also achieved the minimum target at 9921.05 yesterday, the wave 4 level of one lesser degree and the 0.38 RT of the advance from 10178.95-9687.55! So, as many times before we have two different options from an EW perspective.
The bearish scenario indicates that we`re in a wave c (of an expanded flat correction) in a wave ii! This means we have open targets at 9989 -10043.48 (wave c equals wave a)! The wave b correction was very shallow (less than 0.38 RT of wave a) but still acceptable in a ZigZag pattern.
The bullish view indicates that a new advance started yesterday and the supposed wave i isn`t already done. This assumption is supported by increasing a/d-Ratio as of yesterday and also today and we can observe it also by analysing the increasing Volume (Daily basis). So it need more days like yesterday and positive ratio and also increasing volume to switch to that view and make it the favored one. As long as NIFTY50 is trading below 10058 I prefer the bearish count.
A strong day with even a strong a/d-Ratio and massiv volume and may a gap up (breakawa y gap) will may change my view.
The USDINR fell hard this day and support the view that wave c isn`t done right now. While a correction in a wave iv very rarely retracec more than 50% of wave iii the currency has to reversal very soon and sharp to state my bearish view.
Have a great day
ruebenanase
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!
after NIFTY50 a/d-R jumped to a high yesterday at 3.16, today it was a bit shallow at 1.94, but ending the day @ 9914.90 (+55.40/+0.56%)! NIFTY50 also achieved the minimum target at 9921.05 yesterday, the wave 4 level of one lesser degree and the 0.38 RT of the advance from 10178.95-9687.55! So, as many times before we have two different options from an EW perspective.
The bearish scenario indicates that we`re in a wave c (of an expanded flat correction) in a wave ii! This means we have open targets at 9989 -10043.48 (wave c equals wave a)! The wave b correction was very shallow (less than 0.38 RT of wave a) but still acceptable in a ZigZag pattern.
The bullish view indicates that a new advance started yesterday and the supposed wave i isn`t already done. This assumption is supported by increasing a/d-Ratio as of yesterday and also today and we can observe it also by analysing the increasing Volume (Daily basis). So it need more days like yesterday and positive ratio and also increasing volume to switch to that view and make it the favored one. As long as NIFTY50 is trading below 10058 I prefer the bearish count.
A strong day with even a strong a/d-Ratio and massiv volume and may a gap up (breakawa y gap) will may change my view.
The USDINR fell hard this day and support the view that wave c isn`t done right now. While a correction in a wave iv very rarely retracec more than 50% of wave iii the currency has to reversal very soon and sharp to state my bearish view.
Have a great day
ruebenanase
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!