Hello Traders,
NIFTY50 made it`s low in early trading at 10141.55, which is tics below my cited range of the 0.618 RT of the advance that starte at 10033- 10329.20, also a common target for a wave ii correction. At this level buyers come back to the tradingfloor and bought the Index to intraday high @ 10276.10, but closed the day at 10252.10, with a a/d-Ratio at 3.6. This is also signaling that the correction is done. By observing the Chart (34 min) you take notice that prices penetrate the declining red dotted trendline and closed below it. Also there is closing price by EoD for the blue dotted trendline. So a nice zone for a gap up tommorow?
RSI is trading above it`s bullish level (>50%) and VIX is moving sideways shortterm, RoC is bouncing at the zero line, which indicates to my view a weakening momentum.
As long as NIFTY50 is trading above the low at 10141.55 the trend is up, and trading above the level of 10280.90 indicates an ongoing advance to possible new highs.
Right now (18:00 CET) the Future indicate a positive start for tommorow`s trading.
We will see....
Have a great day....
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 NSEIndia.com and moneycontrol.com!
NIFTY50 made it`s low in early trading at 10141.55, which is tics below my cited range of the 0.618 RT of the advance that starte at 10033- 10329.20, also a common target for a wave ii correction. At this level buyers come back to the tradingfloor and bought the Index to intraday high @ 10276.10, but closed the day at 10252.10, with a a/d-Ratio at 3.6. This is also signaling that the correction is done. By observing the Chart (34 min) you take notice that prices penetrate the declining red dotted trendline and closed below it. Also there is closing price by EoD for the blue dotted trendline. So a nice zone for a gap up tommorow?
RSI is trading above it`s bullish level (>50%) and VIX is moving sideways shortterm, RoC is bouncing at the zero line, which indicates to my view a weakening momentum.
As long as NIFTY50 is trading above the low at 10141.55 the trend is up, and trading above the level of 10280.90 indicates an ongoing advance to possible new highs.
Right now (18:00 CET) the Future indicate a positive start for tommorow`s trading.
We will see....
Have a great day....
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 NSEIndia.com and moneycontrol.com!