Hello Traders,
as I wrote yesterday..:"...and we have just one more up sequence to complete wave v (blue) and a decline is just to look for. Please note the divergence at RSI and NIFTY!" So exact this happens that morning by made a new high at 10067.25 and thereafter NIFTY reversal sharp to 9955.85, just some points below my targetzone of ~9700! NIFTY played out the divergence as shown on the chart yesterday. So what to await in the next trading hours?
To follow the bullish pattern NIFTY may has endet wave iii (blue) and also wave iv (blue) as it declined to 9955.85, the wave 4 level of one lesser degree and the 0.38 RT of the distance wave iii -wave ii! Both are common targets for a wave iv pullback!
In this case NIFTY50 will advance within the next hours to a new high in a wave v of 1 to targets at ~ 10099 zone. Here a wave 1 of higher degree is done and a pullback in wave 2 has to occur.
Notice both at last occuring Gap up at the chart! Gap`s not occur randomly. They tend to occur at the start of an advance, in the middle or at the end! I think after a nearly ~ 400 Point advance from 9687.55 we`re not at the start, and also not in the middle...! Todays a/d-Ratio was at 0.4 (14/35/1) the lowest within the past days! Maybe showing exhausting bulls power.
Following the bearish case today a wave ii is done and we are still declining in wave iii of higher degree. Today wave ((1)) has started and need one mor down sequence to complete, there after a pullback in wave ((ii)) to ~ 10024 zone is to monitor. This view becomes support by monitoring the daily chart of the major Indexes, while all shown "bearish Engulfing" this tradingsession, a reversal pattern, which need to confirmed by tomorrows trading below the top at 10067.25 on a closing basis daily! VIX jumped today to 11.82 by EoD and is moving sideways as it look for now!
Have agreat 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 NSE!
as I wrote yesterday..:"...and we have just one more up sequence to complete wave v (blue) and a decline is just to look for. Please note the divergence at RSI and NIFTY!" So exact this happens that morning by made a new high at 10067.25 and thereafter NIFTY reversal sharp to 9955.85, just some points below my targetzone of ~9700! NIFTY played out the divergence as shown on the chart yesterday. So what to await in the next trading hours?
To follow the bullish pattern NIFTY may has endet wave iii (blue) and also wave iv (blue) as it declined to 9955.85, the wave 4 level of one lesser degree and the 0.38 RT of the distance wave iii -wave ii! Both are common targets for a wave iv pullback!
In this case NIFTY50 will advance within the next hours to a new high in a wave v of 1 to targets at ~ 10099 zone. Here a wave 1 of higher degree is done and a pullback in wave 2 has to occur.
Notice both at last occuring Gap up at the chart! Gap`s not occur randomly. They tend to occur at the start of an advance, in the middle or at the end! I think after a nearly ~ 400 Point advance from 9687.55 we`re not at the start, and also not in the middle...! Todays a/d-Ratio was at 0.4 (14/35/1) the lowest within the past days! Maybe showing exhausting bulls power.
Following the bearish case today a wave ii is done and we are still declining in wave iii of higher degree. Today wave ((1)) has started and need one mor down sequence to complete, there after a pullback in wave ((ii)) to ~ 10024 zone is to monitor. This view becomes support by monitoring the daily chart of the major Indexes, while all shown "bearish Engulfing" this tradingsession, a reversal pattern, which need to confirmed by tomorrows trading below the top at 10067.25 on a closing basis daily! VIX jumped today to 11.82 by EoD and is moving sideways as it look for now!
Have agreat 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 NSE!