Hello Traders,
from the low @ 10637 on August 23, N50 advanced to a 12034 on November 8 and is in a short term correction, possibly!
I have labeled the chart with the TRIN-data (which is called the „Arms-Index“) to show how N50 is moving since.
The overall count seems to be valid, creating in hole three waves of „1-2“ which is at the forefront of a massive bull phase for the index. If this count works out, a corrective phase in the coming hours and days or so is next to occur. Target areas for a move range from 11672-11561-11450. All include the 0.38-0.5-0.618 Fibonacci of the advance from 11090 as they include a wave „4“ of lesser degree! A common target range for the time ahead.
A decline below the wave „2“ low @ 11090 (intraday) and 11313 (closing price) will make the idea of the three „1-2“ invalid.
Another possibility is that the high @ 12034 is an „X“-wave, `cause „X“-waves often end at or new the wave „b“ high which was in this case @ 12103 on June 3.
If this idea will work out, there is a massive decline ahead in the coming days and weeks that can draw the index below the 10004 levels as of October 26!
A lot of „if“ and „when“. So be patient in the coming days.
I will update the chart in the coming hours.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
from the low @ 10637 on August 23, N50 advanced to a 12034 on November 8 and is in a short term correction, possibly!
I have labeled the chart with the TRIN-data (which is called the „Arms-Index“) to show how N50 is moving since.
The overall count seems to be valid, creating in hole three waves of „1-2“ which is at the forefront of a massive bull phase for the index. If this count works out, a corrective phase in the coming hours and days or so is next to occur. Target areas for a move range from 11672-11561-11450. All include the 0.38-0.5-0.618 Fibonacci of the advance from 11090 as they include a wave „4“ of lesser degree! A common target range for the time ahead.
A decline below the wave „2“ low @ 11090 (intraday) and 11313 (closing price) will make the idea of the three „1-2“ invalid.
Another possibility is that the high @ 12034 is an „X“-wave, `cause „X“-waves often end at or new the wave „b“ high which was in this case @ 12103 on June 3.
If this idea will work out, there is a massive decline ahead in the coming days and weeks that can draw the index below the 10004 levels as of October 26!
A lot of „if“ and „when“. So be patient in the coming days.
I will update the chart in the coming hours.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!