Hello Traders,
NIFTY 50 has advanced into the cited target area of 11259. Todays High was @ 11305.40, the a/d-ratio closed at 0.78.
Today`s high retraced a 0.618 Fibonacci of the decline from 11618-10790 what would strengthen the odds, that not a wave 4 was done today, but a wave 2 is done or close to do so.
So the next potential move should be to the downside after completing the countertrend.
On the other hand. An alternate interpretation is to view on the daily time frame.
Here to see, the decline from 11794.25 is a „three-down“, an a-b-c pattern that was done @ 10790 on September 24! So in this case the next significant move is to the upside.
I will wait for more clear patterns and structure in the coming hours.
Have a great week...
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
NIFTY 50 has advanced into the cited target area of 11259. Todays High was @ 11305.40, the a/d-ratio closed at 0.78.
Today`s high retraced a 0.618 Fibonacci of the decline from 11618-10790 what would strengthen the odds, that not a wave 4 was done today, but a wave 2 is done or close to do so.
So the next potential move should be to the downside after completing the countertrend.
On the other hand. An alternate interpretation is to view on the daily time frame.
Here to see, the decline from 11794.25 is a „three-down“, an a-b-c pattern that was done @ 10790 on September 24! So in this case the next significant move is to the upside.
I will wait for more clear patterns and structure in the coming hours.
Have a great week...
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!