HelloTraders,
N50 closed the week at 10599.25, with an a/d-Ratio of .39 on Friday!
At the 120 min chart you can observe that I have labbeld the pattern as a wave c of ((ii)) of an Expanding Flat, that is done or it need one more up/down sequence to complete the pattern in a wave (ii) correction. A possible „Gap- Down“ on Mondays Opening Bell can be interpret as an „Exhausting-Gap“!
Also look for a divergence at RSI, MACD and the RoC!
(Note: Divergences often occurs at the end of an Advance or Decline!)
The move from 10601-10929 is to me an upward correction, a Wave „b“, a „Suckerplay“ and a Wave that shows, among other things, „Speculators Paradise`“ as R. Prechter wrote in his Book „Elliott Wave Principle“!
During the advance that started on May 7th, you will observe that there was an a/d-R of 2.85 and a weak Volume by Future Traders of ~74407 Contracts. During the followig Days there was just one Session, May 11th,, that shows a higher a/d-R of 3.16 an an expanding Volume to ~ 107214 Contracts. The rest of the advance shows a weak a/d-Ratio and also weak Volume by Future Traders.
This behavior and the Daily closing candle on May 15, has brought my to the view that the complete move is the described Wave „b“ and was done that day!
The retracement so far is just at the 0.236 Level, which is very shy and unusual for a wave ((ii)). As you know the most common target for a wave ((ii))is the .618 FibRT! So is is allowed but also a less common target zone!
I have marked a Time level at chart (with the dotted blue line) which represent the .618 FibTime of the complete advance that started at 9951.90, March 23! This is to my view the minimum time target the corrective pattern need to develop.
While many others opportunitys exist, the view is not clear and I like to wait for more confidence and a clearer structure of the waves.
Have a great Week....
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!
N50 closed the week at 10599.25, with an a/d-Ratio of .39 on Friday!
At the 120 min chart you can observe that I have labbeld the pattern as a wave c of ((ii)) of an Expanding Flat, that is done or it need one more up/down sequence to complete the pattern in a wave (ii) correction. A possible „Gap- Down“ on Mondays Opening Bell can be interpret as an „Exhausting-Gap“!
Also look for a divergence at RSI, MACD and the RoC!
(Note: Divergences often occurs at the end of an Advance or Decline!)
The move from 10601-10929 is to me an upward correction, a Wave „b“, a „Suckerplay“ and a Wave that shows, among other things, „Speculators Paradise`“ as R. Prechter wrote in his Book „Elliott Wave Principle“!
During the advance that started on May 7th, you will observe that there was an a/d-R of 2.85 and a weak Volume by Future Traders of ~74407 Contracts. During the followig Days there was just one Session, May 11th,, that shows a higher a/d-R of 3.16 an an expanding Volume to ~ 107214 Contracts. The rest of the advance shows a weak a/d-Ratio and also weak Volume by Future Traders.
This behavior and the Daily closing candle on May 15, has brought my to the view that the complete move is the described Wave „b“ and was done that day!
The retracement so far is just at the 0.236 Level, which is very shy and unusual for a wave ((ii)). As you know the most common target for a wave ((ii))is the .618 FibRT! So is is allowed but also a less common target zone!
I have marked a Time level at chart (with the dotted blue line) which represent the .618 FibTime of the complete advance that started at 9951.90, March 23! This is to my view the minimum time target the corrective pattern need to develop.
While many others opportunitys exist, the view is not clear and I like to wait for more confidence and a clearer structure of the waves.
Have a great Week....
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!