Hello Traders,
since the ATH @11171.55 NIFTY50 is in a wave ((4)) correction and a wave (a) was done today.
After a positive opening today NIFTY50 declined to new fresh lows at 108778.80 and reversed sharply after! This was either wave a of (c) or wave ((4)) is done.
A/D-Ratio was at 1.1 while NIFTY TRIN was at 0.88 at closing, indicating an intradayreversal has occur.
Notice that NIFTY penetrade both of the blue trendlines (dotted and line) which are showing different Trendchannel at Elliott`s Theory, and after reversing back into the shortterm channel, may indicating a new high is possible. I´m not sure which one is the better count and will develop by following tradingsessions. So I don`tlike to labbel the chart.
In terms of price the correction is to short underway to judge it as done. A possible timetarget surrands at Feb. 16 at minimum.
One little other view is also at hand.
If the seen push above the purple dotted trendchannel is a „Throw-over“ by Elliotts Theory the count must be changed while a pullback and a solid close within the channel will indcate that the advance on higher degree is done and a sharp correction is still around the corner, i. e. has started!
Throw-over just occur at the end of a trend, no matter which degree was underway!
So, again. It will be interesting how the pattern will develop and which move will be next.
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!
since the ATH @11171.55 NIFTY50 is in a wave ((4)) correction and a wave (a) was done today.
After a positive opening today NIFTY50 declined to new fresh lows at 108778.80 and reversed sharply after! This was either wave a of (c) or wave ((4)) is done.
A/D-Ratio was at 1.1 while NIFTY TRIN was at 0.88 at closing, indicating an intradayreversal has occur.
Notice that NIFTY penetrade both of the blue trendlines (dotted and line) which are showing different Trendchannel at Elliott`s Theory, and after reversing back into the shortterm channel, may indicating a new high is possible. I´m not sure which one is the better count and will develop by following tradingsessions. So I don`tlike to labbel the chart.
In terms of price the correction is to short underway to judge it as done. A possible timetarget surrands at Feb. 16 at minimum.
One little other view is also at hand.
If the seen push above the purple dotted trendchannel is a „Throw-over“ by Elliotts Theory the count must be changed while a pullback and a solid close within the channel will indcate that the advance on higher degree is done and a sharp correction is still around the corner, i. e. has started!
Throw-over just occur at the end of a trend, no matter which degree was underway!
So, again. It will be interesting how the pattern will develop and which move will be next.
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!