Hello Traders,
the NIFTY 50 has topped at 10137.85 on Aug 2nd! It completed a multiweek advance within a wave 1 as you can see on the chart! At 10145 the Wave 1 high advanced to the .786 Fibo RT as the Index did from 9075 to 10137.85, his Wave 3 to Wave 4 decline.
At the high of 9746 the Nifty has extend it`s Wave 3 advance to a 1.618 Fibo Extension from Wave i to ii, he topped 9709! At 9448 the Wave 4 low retraced .618 of the length of Wave ii to iii! All of them are commonly Wavetargets in the View of EW! And as you can see, the final leg of this advance in Wave 5 extended in a Wave 5 of 5! Now in my view, and depending on a correct count, we have to look to a decline and setback in a Wave 2 (circle blue) to the previous Wave 4 of lesser degree, around the target at 9448 to 9280 area which is the .382 RT. If this count fits well into the overall view a next possible target is around the 8750 area, which is the .618 RT of the complete advance! Another fact is that the Advanced/Decline Line (not shown on the Chart) has topped on a daily basis at 2017-07-19 at a level of 50. Since that day the ADL is declining. As you know the ADL will mark a top befor the Index will do!
I have placed the alternate Count below the chart and it is possible that the Wave 5 isn`t already done, so the Index will push to another High around the 10250-10300 area were he will touch the upper boundary line of the rising Trendchannel!
Have a great day
rubennase
Qomments and Questions are very welcome!
Disclaimer*
All ideas published here involve risk and does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.
the NIFTY 50 has topped at 10137.85 on Aug 2nd! It completed a multiweek advance within a wave 1 as you can see on the chart! At 10145 the Wave 1 high advanced to the .786 Fibo RT as the Index did from 9075 to 10137.85, his Wave 3 to Wave 4 decline.
At the high of 9746 the Nifty has extend it`s Wave 3 advance to a 1.618 Fibo Extension from Wave i to ii, he topped 9709! At 9448 the Wave 4 low retraced .618 of the length of Wave ii to iii! All of them are commonly Wavetargets in the View of EW! And as you can see, the final leg of this advance in Wave 5 extended in a Wave 5 of 5! Now in my view, and depending on a correct count, we have to look to a decline and setback in a Wave 2 (circle blue) to the previous Wave 4 of lesser degree, around the target at 9448 to 9280 area which is the .382 RT. If this count fits well into the overall view a next possible target is around the 8750 area, which is the .618 RT of the complete advance! Another fact is that the Advanced/Decline Line (not shown on the Chart) has topped on a daily basis at 2017-07-19 at a level of 50. Since that day the ADL is declining. As you know the ADL will mark a top befor the Index will do!
I have placed the alternate Count below the chart and it is possible that the Wave 5 isn`t already done, so the Index will push to another High around the 10250-10300 area were he will touch the upper boundary line of the rising Trendchannel!
Have a great day
rubennase
Qomments and Questions are very welcome!
Disclaimer*
All ideas published here involve risk and does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.