Hello Traders,
N50 is in critical territory! The chart remains open to different interpretations. The important levels are @10929.20 (May 15 high), and 10417.80, the May 23 low! Other Major Indices at NIFTY Exchanges are also in corrective pattern, only NIFTY IT is working it`s way to the upside and lead a eventually breakout to India stocks and Indexes.
As you can observe at the 2h Chart the decline (10929.20-10417.80) is clear a 5-down, indicating a corrective pullback in a wave „b“ and a fresh decline to new lows may below 10417.80, but at least to that level! Other possibiblitys exist, so as a Triangle for example! The pullback to 10893.25 shows overlapping waves and mixed levels of buying interest by observing the a/d-Ratio.
For the start of an impulsiv move I like to see a clear rising Ratio, but as of May 15-May 21 the Ratio was weak from 0.45-0.85! This is not the behavior I like to see at a start of advance!
So as long N50 is below 10929.20 the odds favor a deline to thelevels named as before.
Trading below 10709.50 open the door to 10624.16 (.786 RT of the last advance)!
Any rise above 10929.20 make this forcast valid and I will take a neutral stand!
Have a great Week...
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!
N50 is in critical territory! The chart remains open to different interpretations. The important levels are @10929.20 (May 15 high), and 10417.80, the May 23 low! Other Major Indices at NIFTY Exchanges are also in corrective pattern, only NIFTY IT is working it`s way to the upside and lead a eventually breakout to India stocks and Indexes.
As you can observe at the 2h Chart the decline (10929.20-10417.80) is clear a 5-down, indicating a corrective pullback in a wave „b“ and a fresh decline to new lows may below 10417.80, but at least to that level! Other possibiblitys exist, so as a Triangle for example! The pullback to 10893.25 shows overlapping waves and mixed levels of buying interest by observing the a/d-Ratio.
For the start of an impulsiv move I like to see a clear rising Ratio, but as of May 15-May 21 the Ratio was weak from 0.45-0.85! This is not the behavior I like to see at a start of advance!
So as long N50 is below 10929.20 the odds favor a deline to thelevels named as before.
Trading below 10709.50 open the door to 10624.16 (.786 RT of the last advance)!
Any rise above 10929.20 make this forcast valid and I will take a neutral stand!
Have a great Week...
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!