ruebennase

NIFTY50: Correction has started..?

NSE:NIFTY   Nifty 50 Index
From Jul 27....
Hello Traders,
next Index is looking toppy             2.17% with the NIFTY50! Today the NIFTY50 set a new high at 10114 this morning. At 10066.46 wave 1 (circle) had equal Wave 1 Minor. Also the Gap that occurs at the opening session was closed by the end of trading and look like an "Exhausting Gap"! And one more detail comes into play, as the price move back in its trendchannel from which it shows a "Thrust" at the morning bell. A close in the trendchannel and under the level of 10K will indicate that a top is in place (in my view)! Any move about the 10114 will show us an extension of wave 5 (circle--> subminuette) but I would not change my position about a topp in place!

Update!! 2017-07-29
Hello Traders,
I have switched into the 30 min Chart Level to show that, in my view, a first small five wave move to the downside occurs at Friday`s Tradingsession. As I wrote befor a lot of things come together to set a top in place @ 10114.85!
Closing the "Exhausting Gap" on Thursday, return into the Trendchannel and a close under the upper boundery line and the clear 5-Wave             structure to the downside lead me to the point a small correction is on the move.
Fridays low was set @ 9944.50. From there a small pullback started with targets around 9876 - 9856, depending from where a second leg down will start! At this levels a possible c-Wave             equals Wave a! The MoB Level is at 10052,35. A touch to that level elimeinate the impulsiv interpretation. Another option is that @ 9996 has endet a pullback to a Wave 4 of lesser degree and the NIFTY             is in the early stages of Wave c/3!
If the move is at the other hand a new 5-Wave             move to the downside on a higher level of degree there is a first target at 9601 - 9581, which represent the 1.618 Extension of Wave a/1!
Have a great weekend
rubennase
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