Hello Traders,
as of my last Intraday analyse NIFTY50 has risen up in a 5-wave pattern, to todays high 10329.20 finishing a wave ((5)) of i/a and after start to decline in a wave ii/b to 10230 by closing bell, which is a wave 4 level of lesser degree. While this move is to shallow for a wave ii/b I have have lesser targets at hand, may to 10213 or 10143, which is the 0.618 RT of the advance from 10033. Trading below 10094 and 10066.6 would increase the odds that this move was not an impulsiv one.
Todays a/d-Ratio was weak at 0,4 while it was yesterday at 1.83 and 3.6 at Dec. 08!
Notice that VIX is trending up, while RSI is trading below it`s bullish level of 50%, RoC is also showing weakness, but short term seems to move sideways. It`s MA (13) is trending lower! By a view at the Daily chart, we can observe that NIFTY 50 has create a „bearish engulfing“ candle and ispenetrating the lower boundary line of the Minuette trendchannel. A break below the level of 10033 will indicate that more bearish potencial exist on higher timeframe.
So, shortterm we have to look for lower targets, while a break above the blue dotted declining trendline will indicate, that the correction is done!
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!
as of my last Intraday analyse NIFTY50 has risen up in a 5-wave pattern, to todays high 10329.20 finishing a wave ((5)) of i/a and after start to decline in a wave ii/b to 10230 by closing bell, which is a wave 4 level of lesser degree. While this move is to shallow for a wave ii/b I have have lesser targets at hand, may to 10213 or 10143, which is the 0.618 RT of the advance from 10033. Trading below 10094 and 10066.6 would increase the odds that this move was not an impulsiv one.
Todays a/d-Ratio was weak at 0,4 while it was yesterday at 1.83 and 3.6 at Dec. 08!
Notice that VIX is trending up, while RSI is trading below it`s bullish level of 50%, RoC is also showing weakness, but short term seems to move sideways. It`s MA (13) is trending lower! By a view at the Daily chart, we can observe that NIFTY 50 has create a „bearish engulfing“ candle and ispenetrating the lower boundary line of the Minuette trendchannel. A break below the level of 10033 will indicate that more bearish potencial exist on higher timeframe.
So, shortterm we have to look for lower targets, while a break above the blue dotted declining trendline will indicate, that the correction is done!
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!