Hello Traders,
as of my last analyse (Monday, Nov 13) NIFTY50 exceed 2 of my 3 targets in terms of price and touch the level at 10121 (todays low@ 10092.40) were wave a=c! So, the one of two common targets are fullfilled after declining to the minimum at 10188.50 at yesterdays session.
Todays a/d-Ratio is at 14/37=xxx, also very weak again.
So what to expect for the next hours of trading?
One open pricetarget is to watch, the level @ 9983.33, which is the 1.618 FibExt of wave a to b! At latest here price must reversal to follow the idea of an ZigZag correction in a wave 2!
If NIFTY50 extend to decline much below this level, the odds do increase that another pattern is on the way, and we have to wait for clearer odds.
If NIFTY50 has finished it`s decline today or is close to do so, the next move has to occur to the upside, and must be the start of wave 3 of higher degree, with new ATH ahead. Notice that todays low is placed close to the low at 10124.5 , Oct. 23 and is a wave ((4)) of lesser degree, an common target for a correction in this case.
In case that NIFTY has not finished it`s decline the next area for the correction is around 9983.3, (at 9955.80 is also a wave (4) of lesser degree to watch).
As long as NIFTY is trading below 10339.47/10,344.95, the expected wave b/2 level and the 0.618 RT of wave c, the trend is focused to the downside, but a sharp reversal is to watch for and able to occur from now on.
RSI traded this morning below the 30-level, showing us „oversold“ conditions but not a divergence right now. VIX is falling sharply on a intraday basis and also signaling that this selling pressure is may ending!
Candlestick pattern shows a „bullish-harami“, a reversal pattern (on a 30 min basis) and signaling a reversal could be just around the corner.
Have a great day...
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!
as of my last analyse (Monday, Nov 13) NIFTY50 exceed 2 of my 3 targets in terms of price and touch the level at 10121 (todays low@ 10092.40) were wave a=c! So, the one of two common targets are fullfilled after declining to the minimum at 10188.50 at yesterdays session.
Todays a/d-Ratio is at 14/37=xxx, also very weak again.
So what to expect for the next hours of trading?
One open pricetarget is to watch, the level @ 9983.33, which is the 1.618 FibExt of wave a to b! At latest here price must reversal to follow the idea of an ZigZag correction in a wave 2!
If NIFTY50 extend to decline much below this level, the odds do increase that another pattern is on the way, and we have to wait for clearer odds.
If NIFTY50 has finished it`s decline today or is close to do so, the next move has to occur to the upside, and must be the start of wave 3 of higher degree, with new ATH ahead. Notice that todays low is placed close to the low at 10124.5 , Oct. 23 and is a wave ((4)) of lesser degree, an common target for a correction in this case.
In case that NIFTY has not finished it`s decline the next area for the correction is around 9983.3, (at 9955.80 is also a wave (4) of lesser degree to watch).
As long as NIFTY is trading below 10339.47/10,344.95, the expected wave b/2 level and the 0.618 RT of wave c, the trend is focused to the downside, but a sharp reversal is to watch for and able to occur from now on.
RSI traded this morning below the 30-level, showing us „oversold“ conditions but not a divergence right now. VIX is falling sharply on a intraday basis and also signaling that this selling pressure is may ending!
Candlestick pattern shows a „bullish-harami“, a reversal pattern (on a 30 min basis) and signaling a reversal could be just around the corner.
Have a great day...
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!