Hello Traders,
N50 has made a fresh new weekly high @ 10594.2, exceeding the 1.618 Rt of the length of wave ((1))! At todays high N50 has retraced 50% of the distance from the correction of 11171.35-9951-90. So, an open target within an impulsive move is the zone at 10705.84 for a wave ((5)) move.
A/D-Ratio was strong @1.5 this day, on the other hand Volume by Futuretraders was light at ~75000 Contracts.
While the bullsih outlook is coming more to front as the bearish is, I would mention, that wav ((3)) is at or close to end its advance.
But please notice that the last advance shows overlapping waves, which is clear a corrective pattern. To give an idea what could be possible, I have labbeld the advance per the alt labbels as an a-b-c move which need some more subwaves to complete ~ 1044 area probably. If a Wave c is next to occur, it would be sharp and a steep decline to that area. To terminate the wave ((3)) advance a rise to the 2.0 length of wave ((1)) at 10621 zone a possible target!
On a daily basisi N50 shows as most other Indexes a „Doji“ Candle, which means uncertainty for traders whats next!
As more and clear the patterns will still developing we will discuss it at this page.
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 has made a fresh new weekly high @ 10594.2, exceeding the 1.618 Rt of the length of wave ((1))! At todays high N50 has retraced 50% of the distance from the correction of 11171.35-9951-90. So, an open target within an impulsive move is the zone at 10705.84 for a wave ((5)) move.
A/D-Ratio was strong @1.5 this day, on the other hand Volume by Futuretraders was light at ~75000 Contracts.
While the bullsih outlook is coming more to front as the bearish is, I would mention, that wav ((3)) is at or close to end its advance.
But please notice that the last advance shows overlapping waves, which is clear a corrective pattern. To give an idea what could be possible, I have labbeld the advance per the alt labbels as an a-b-c move which need some more subwaves to complete ~ 1044 area probably. If a Wave c is next to occur, it would be sharp and a steep decline to that area. To terminate the wave ((3)) advance a rise to the 2.0 length of wave ((1)) at 10621 zone a possible target!
On a daily basisi N50 shows as most other Indexes a „Doji“ Candle, which means uncertainty for traders whats next!
As more and clear the patterns will still developing we will discuss it at this page.
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!