Hello Traders,
at some times it is just frustrating to watch those markets as now. Volatility comes short term in and even quickly went out, creating in summe sideways movements as NIFTY50 did the last hours!
By opening tha day at 9905.70 (+21.7) it made it`s low at 9856.95 in the first minutes of trading and rise the day to a high at 9925.10 at the last trading hour by closing at 9917.90! May this was dependent by expiry time for options today.
The a/d-Ratio was at (1.43), weaker than it was yesterday and this is still a sign of weakness in my view. For more clarity we have to wait tomorrows trading!
At correcting markets it is often necessary to wait for clearer pattern at chart and many can occur. As I wrote yesterday a sideways pattern (flat) is possible like a triangle is too. Right now I have no clear idea what will occur but a triangle is one of those how is to expect as shown by chart (1 hour).
If todays move fits into that pattern we have seen the wave "e" of that triangle with a "throw over" which is at the end or close to do so. The MoB for that pattern is at 9947.80! If prices decline below the blue trendline (b to d) with a solid close the triangle is done and a new decline is still ahead.
Above that level of 9947.80 the odds do increase that another pattern is on the way, may to new ATH`s!
As of now the structure to me is not clear and I recommand to step by side and wait for clearer odds in the next hours, specially Friday`s trading.
Have a great day
rubennase
Questions and Comments are welcome! Feel free to do so...
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 NSE!
at some times it is just frustrating to watch those markets as now. Volatility comes short term in and even quickly went out, creating in summe sideways movements as NIFTY50 did the last hours!
By opening tha day at 9905.70 (+21.7) it made it`s low at 9856.95 in the first minutes of trading and rise the day to a high at 9925.10 at the last trading hour by closing at 9917.90! May this was dependent by expiry time for options today.
The a/d-Ratio was at (1.43), weaker than it was yesterday and this is still a sign of weakness in my view. For more clarity we have to wait tomorrows trading!
At correcting markets it is often necessary to wait for clearer pattern at chart and many can occur. As I wrote yesterday a sideways pattern (flat) is possible like a triangle is too. Right now I have no clear idea what will occur but a triangle is one of those how is to expect as shown by chart (1 hour).
If todays move fits into that pattern we have seen the wave "e" of that triangle with a "throw over" which is at the end or close to do so. The MoB for that pattern is at 9947.80! If prices decline below the blue trendline (b to d) with a solid close the triangle is done and a new decline is still ahead.
Above that level of 9947.80 the odds do increase that another pattern is on the way, may to new ATH`s!
As of now the structure to me is not clear and I recommand to step by side and wait for clearer odds in the next hours, specially Friday`s trading.
Have a great day
rubennase
Questions and Comments are welcome! Feel free to do so...
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 NSE!