Hello Traders,
N50 is still advancing higher, possibly at forefront to a new high again!
At 11392.15 wave (iii) exceed the 1.764 RT of wave (i). The pulback from that level to 1111234.95 was shy above the 0.382 RT @ 11212.27! An acceptable retracement, but still not for sure that the correction is done in a wave (iv)! Any advance above the high at 11390.55 opens the door to 11502-11520. Least is the upper trendline of the Ellliottchannel and will be exceed in one or two days or so!
Infact we have the possibility that the current run is wave b of a flat pattern which must terminate below the 11390.55 and a wave c is next after! A target for a wave „c“ of a flat pattern is around where wave c=a at 11234-11212.27! A Gap close to 11185.85 is also possible.
Any decline below this level will open the door to 11072-10938 area.
Fridays trading was accompied by a massive a/d-Ratio of 2.06, indicating buying pressure. TRIN was at 0.73, still bullish also. So the odds are really high, that we are facing a wave 5 as per my count! And notice that VIX is also on low levels and just a clear spike to the upside will set a first hint that the advance has come or will come close to an end.
Times with low readings for VIX will be followed by times with a (high) volatile VIX again!
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!
N50 is still advancing higher, possibly at forefront to a new high again!
At 11392.15 wave (iii) exceed the 1.764 RT of wave (i). The pulback from that level to 1111234.95 was shy above the 0.382 RT @ 11212.27! An acceptable retracement, but still not for sure that the correction is done in a wave (iv)! Any advance above the high at 11390.55 opens the door to 11502-11520. Least is the upper trendline of the Ellliottchannel and will be exceed in one or two days or so!
Infact we have the possibility that the current run is wave b of a flat pattern which must terminate below the 11390.55 and a wave c is next after! A target for a wave „c“ of a flat pattern is around where wave c=a at 11234-11212.27! A Gap close to 11185.85 is also possible.
Any decline below this level will open the door to 11072-10938 area.
Fridays trading was accompied by a massive a/d-Ratio of 2.06, indicating buying pressure. TRIN was at 0.73, still bullish also. So the odds are really high, that we are facing a wave 5 as per my count! And notice that VIX is also on low levels and just a clear spike to the upside will set a first hint that the advance has come or will come close to an end.
Times with low readings for VIX will be followed by times with a (high) volatile VIX again!
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!