Hello Traders,
N50 is still runing from high to high! Yesterday it achieved the high @10631 of Feb. 27, which was the end of a wave ((b)) upward correction, this was itself part of an a-b-c decline that ended in an EDT-pattern. A rare and specific pattern which occurs only at the end of an impulsiv move of wave 5 or c!
At 10638.35 a possible double top for classic chart watchers is clear to observe.
While the wave structure to me is not clear in terms of the impulsiv pattern I will show you my idea of an possible count.
The facts are that at 10638.35 the 1.618 Fibonacci of the wave ((1))-((2)) is achieved. The level is furthermore between two important Fibonacci levels, the .5 (at 10561.72) and .618 (10705.64) of the decline from 11171.55-9951.90, indicating a target zone at 10705. May a gap close from the opening of Feb 05 @ 10737 is possible befor wave ((5)) terminates!
And third the advance is running in a Elliott trendchannel that fits well the idea of fresh impulsiv move and the start to new ATH`s!
At times I am not sure of the structure I use the RSI indicator to analyse at which point at chart we are. Strong advances in Bull markets mirrows a clear extrem „overbought“ level well above 70, often above 80 (vice versa at Bear markets). RoC can be also act as a helpful indicator. As did the TRIN or the A/D-Ratio and others!
While the move since yesterday look like a sideways correction, the odds do increase that a wave ((4)) is in progress, targets ~ 10500 zone. The lower rising trendchannel line can act as a „support“ zone which cross that level tomorrow.
So it will be interesting to watch how the pattern will develop and the market will give answers to our thoughts!
As always... expect the unexpected and have the „right look“ at your investing decisions!
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 is still runing from high to high! Yesterday it achieved the high @10631 of Feb. 27, which was the end of a wave ((b)) upward correction, this was itself part of an a-b-c decline that ended in an EDT-pattern. A rare and specific pattern which occurs only at the end of an impulsiv move of wave 5 or c!
At 10638.35 a possible double top for classic chart watchers is clear to observe.
While the wave structure to me is not clear in terms of the impulsiv pattern I will show you my idea of an possible count.
The facts are that at 10638.35 the 1.618 Fibonacci of the wave ((1))-((2)) is achieved. The level is furthermore between two important Fibonacci levels, the .5 (at 10561.72) and .618 (10705.64) of the decline from 11171.55-9951.90, indicating a target zone at 10705. May a gap close from the opening of Feb 05 @ 10737 is possible befor wave ((5)) terminates!
And third the advance is running in a Elliott trendchannel that fits well the idea of fresh impulsiv move and the start to new ATH`s!
At times I am not sure of the structure I use the RSI indicator to analyse at which point at chart we are. Strong advances in Bull markets mirrows a clear extrem „overbought“ level well above 70, often above 80 (vice versa at Bear markets). RoC can be also act as a helpful indicator. As did the TRIN or the A/D-Ratio and others!
While the move since yesterday look like a sideways correction, the odds do increase that a wave ((4)) is in progress, targets ~ 10500 zone. The lower rising trendchannel line can act as a „support“ zone which cross that level tomorrow.
So it will be interesting to watch how the pattern will develop and the market will give answers to our thoughts!
As always... expect the unexpected and have the „right look“ at your investing decisions!
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!