Hello Traders,
today, NIFTY50 opened with a gap-up at 11360.80 and closed the days positive @ 11428.50. This all occurred with an a/d-ratio of 4.5 and a TRIN @ 1.34.
Yesterday`s move had an a/d-ratio of 2.5 and a TRIN of 0.41.
The latter indicates often an ongoing advance within a (short-)term trend as it happened today.
The wave structure since 11091.30 shows overlapping waves and the Fiboannci of 0.618 (11426.15) that N50 hit this morning is compatible with a ZigZag-pattern that is close to being done, or it is done.
The alternate view is, that the structure creates some „one`s and two`s, and is just the beginning of a new advance.
Because of the behavior in the past with such a huge positive a/d-ratio, I am patient to what will be next. Often such a ratio was a trap!
While N50 closed above the 11400 range, the odds do increase for a more pro advance move to 11553.60, the high of October 1! On the other hand, any decline below the 11189, the October 11 low will be a hint to the opposite.
A break of the trend channel to the downside could be a first hint for the latter argument.
I will update the chart in the coming days.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
today, NIFTY50 opened with a gap-up at 11360.80 and closed the days positive @ 11428.50. This all occurred with an a/d-ratio of 4.5 and a TRIN @ 1.34.
Yesterday`s move had an a/d-ratio of 2.5 and a TRIN of 0.41.
The latter indicates often an ongoing advance within a (short-)term trend as it happened today.
The wave structure since 11091.30 shows overlapping waves and the Fiboannci of 0.618 (11426.15) that N50 hit this morning is compatible with a ZigZag-pattern that is close to being done, or it is done.
The alternate view is, that the structure creates some „one`s and two`s, and is just the beginning of a new advance.
Because of the behavior in the past with such a huge positive a/d-ratio, I am patient to what will be next. Often such a ratio was a trap!
While N50 closed above the 11400 range, the odds do increase for a more pro advance move to 11553.60, the high of October 1! On the other hand, any decline below the 11189, the October 11 low will be a hint to the opposite.
A break of the trend channel to the downside could be a first hint for the latter argument.
I will update the chart in the coming days.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!