NIFTY 50...Triangle`s thrust complete. Bears take control?
Hello Traders,
the „Thrust“ off the triangle, I mentioned at my latter analysis, occurs and was complete @ 11341 on July 29.
NIFTY 50 reversed after achieving this target area and has shown the first impulse waves down.
If my count on a long term basis is working out, N50 will decline in the coming days and weeks ahead. It will take time, to achieve this week's high in the future, not advancing this area in 2020+2021!
The alternate view implies that N50 is in a bull market and is moving higher in the days ahead.
The technical measurements as for a/d-ratio (@ 2.26 for N50) and for NSE (@ 0.83) suggest a mixed picture. NIFTY 50 implies a strong bullish day, supported b a strong TRIN (@0.43), but the index closed lower as of yesterday. That means, it took a lot of buying power to the bulls to held up NIFTY!
Today I show the 10-minute chart to visualize the possible structure of the first leg down.
As you will observe, N50 ended the day with an „ending diagonal“. This would imply that a strong move to the upside will occur in the next session. I have denoted the two possible levels for a target area for such a move. Both are waves „4“ of lesser degree and they are @ 11150 and 11200.65! Will they be achieved? We will see.
The bearish potential per my favorite count is immense and it will be interesting to see, how the structure develops in the coming sessions.
Have a great weekend...
ruebennase
Feel free to ask or comment!
Trading this analyze is at your own risk!
the „Thrust“ off the triangle, I mentioned at my latter analysis, occurs and was complete @ 11341 on July 29.
NIFTY 50 reversed after achieving this target area and has shown the first impulse waves down.
If my count on a long term basis is working out, N50 will decline in the coming days and weeks ahead. It will take time, to achieve this week's high in the future, not advancing this area in 2020+2021!
The alternate view implies that N50 is in a bull market and is moving higher in the days ahead.
The technical measurements as for a/d-ratio (@ 2.26 for N50) and for NSE (@ 0.83) suggest a mixed picture. NIFTY 50 implies a strong bullish day, supported b a strong TRIN (@0.43), but the index closed lower as of yesterday. That means, it took a lot of buying power to the bulls to held up NIFTY!
Today I show the 10-minute chart to visualize the possible structure of the first leg down.
As you will observe, N50 ended the day with an „ending diagonal“. This would imply that a strong move to the upside will occur in the next session. I have denoted the two possible levels for a target area for such a move. Both are waves „4“ of lesser degree and they are @ 11150 and 11200.65! Will they be achieved? We will see.
The bearish potential per my favorite count is immense and it will be interesting to see, how the structure develops in the coming sessions.
Have a great weekend...
ruebennase
Feel free to ask or comment!
Trading this analyze is at your own risk!