Hello Traders,
as of my yesterdays comment, NIFTY50 pulled back this Morning right into the cited price area (which was just 3 points above) and start to decline right after touching that one to fresh new lows! Todays a/d-Ratio was again weak,@ 0.22 after 0.19 yesterday!
The decline since 10631.65 extend to nearly 1.27 of the wave a move today and make it possible, that it is nearly complete or close to do so for some hours. We just have some open targets shortterm at 10168-10089, where Price extend to the 1.382 and 1.618 the length of Wave a! And as one more thing to make it difficult, the lower boundary trendline (Purple) is still rising it`s way by tomorrows trading at ~ 10200, depending if and when it will be touched. A massive Gap down is also possible.
VIX also popped up from it´s resistance level at ~14 level and advanced to ~16.50, shortterm with no clear signs. Overall to me the decline did not look complete!
If NIFTY50 is able to bounce back above the 10300 zone with a solid Volume and a strong Bull Candle by clear advancing A/D-Ratio the odds do increase that the decline is done at first!
Note that this forecast will just one for the next tradinghours, not for many Days!
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 yesterdays comment, NIFTY50 pulled back this Morning right into the cited price area (which was just 3 points above) and start to decline right after touching that one to fresh new lows! Todays a/d-Ratio was again weak,@ 0.22 after 0.19 yesterday!
The decline since 10631.65 extend to nearly 1.27 of the wave a move today and make it possible, that it is nearly complete or close to do so for some hours. We just have some open targets shortterm at 10168-10089, where Price extend to the 1.382 and 1.618 the length of Wave a! And as one more thing to make it difficult, the lower boundary trendline (Purple) is still rising it`s way by tomorrows trading at ~ 10200, depending if and when it will be touched. A massive Gap down is also possible.
VIX also popped up from it´s resistance level at ~14 level and advanced to ~16.50, shortterm with no clear signs. Overall to me the decline did not look complete!
If NIFTY50 is able to bounce back above the 10300 zone with a solid Volume and a strong Bull Candle by clear advancing A/D-Ratio the odds do increase that the decline is done at first!
Note that this forecast will just one for the next tradinghours, not for many Days!
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!