Hello Traders,
not often, but sometimes it happens, I have to face the fact, that I don`t now exactly which way an index, a stock or metals will go next.
Sometimes, as it is for now.
As of the last weeks, I have try to cover NIFTY50 on each possible timeframe, checking the patterns, the moves, the indicators, and, and, and....!
From a very early point of time, I thought by my self:“..there is something wrong with this wave!“
As per the Elliottwave theory and the personality of a wave, specially a wave B of all degrees, this thinking must let ring the alarmbell.
Last analyze I wrote of a possible bullish count within a wave 1-2 of higher degree. My confident to that count was not highly established, so scepsis was left by this analyze to me; because at the end of a trend sometimes traders change there count, because they loose confidence while an expected move will not set the stage, as it was for N50 as of the last days.
So I layed back and try to relax, check other indexes as SENSEX, NIFTY IT; N100/200...and wrote about this huge divergence as of the last weeks and the loosing pressure to exceed the the highs as of 2018!
So I went back to chart and ask my self, without any count before my eyes, what will develop next?
At the chart below you will get the answer, as ONE of the main possibilitys and the counts with the highest level of confidence to my view.
Any break of the 0.382 Fibonacci will give more confidence, that a wave B high is in place and a correction, may within the wave C, is underway!
The bullish count as of the last analyze remains valid and we will discuss what will be next at this pages as soon as possible and the pattern has developed!
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
not often, but sometimes it happens, I have to face the fact, that I don`t now exactly which way an index, a stock or metals will go next.
Sometimes, as it is for now.
As of the last weeks, I have try to cover NIFTY50 on each possible timeframe, checking the patterns, the moves, the indicators, and, and, and....!
From a very early point of time, I thought by my self:“..there is something wrong with this wave!“
As per the Elliottwave theory and the personality of a wave, specially a wave B of all degrees, this thinking must let ring the alarmbell.
Last analyze I wrote of a possible bullish count within a wave 1-2 of higher degree. My confident to that count was not highly established, so scepsis was left by this analyze to me; because at the end of a trend sometimes traders change there count, because they loose confidence while an expected move will not set the stage, as it was for N50 as of the last days.
So I layed back and try to relax, check other indexes as SENSEX, NIFTY IT; N100/200...and wrote about this huge divergence as of the last weeks and the loosing pressure to exceed the the highs as of 2018!
So I went back to chart and ask my self, without any count before my eyes, what will develop next?
At the chart below you will get the answer, as ONE of the main possibilitys and the counts with the highest level of confidence to my view.
Any break of the 0.382 Fibonacci will give more confidence, that a wave B high is in place and a correction, may within the wave C, is underway!
The bullish count as of the last analyze remains valid and we will discuss what will be next at this pages as soon as possible and the pattern has developed!
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!