Hello Traders,
at Nov 26 NIFTY50 made a low at 10489 and was still advancing to 10922 on a intraday basis at Friday. The low at 10489 wasjust some tics above the 0.382 Fibonacci of the advance and odds do favor a wave ((A)) of a ZigZag pattern up, the low at 10489 a wave ((B)) down.
So the move up is not complete yet, a targetzone is at 11259, were wave ((C))=((A))!
Before another stoppingzone comes into play. At 111089 is the 0.618 Fibonnaci of the decline from the high (@ 11760-10003) and it fits well the 0.786 Fibo of wave ((C))! At 10695 wave ((C)) has retraced 0.618 of wave ((A)).
So we have a potencially stoppingzone from 10695-11095-112591!
If 11089 will be a reversal point it is likely to count a wave 2 there.
From a time perspective the advance is not done before Dec 03, were it is the 0.618 off the decline from 11760-10003! But time is less important than is the Fibonacci levels and the price pattern.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
at Nov 26 NIFTY50 made a low at 10489 and was still advancing to 10922 on a intraday basis at Friday. The low at 10489 wasjust some tics above the 0.382 Fibonacci of the advance and odds do favor a wave ((A)) of a ZigZag pattern up, the low at 10489 a wave ((B)) down.
So the move up is not complete yet, a targetzone is at 11259, were wave ((C))=((A))!
Before another stoppingzone comes into play. At 111089 is the 0.618 Fibonnaci of the decline from the high (@ 11760-10003) and it fits well the 0.786 Fibo of wave ((C))! At 10695 wave ((C)) has retraced 0.618 of wave ((A)).
So we have a potencially stoppingzone from 10695-11095-112591!
If 11089 will be a reversal point it is likely to count a wave 2 there.
From a time perspective the advance is not done before Dec 03, were it is the 0.618 off the decline from 11760-10003! But time is less important than is the Fibonacci levels and the price pattern.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!