as discussed at Friday analysis of NIFTY50 today Traders went back to the floor and create a Countertrend Move to 9790.85, todays low was set at 9880.85 by opening the Market with a Gap up to 9755.85!
(14) push back into neutral zone but still in territory (>50-60)! So the odds are still to interpret that NIFTY50 has endet it`s countertrend move today or is near to do so. At 9839 is a 0.38 RT from declining 10088-9885.55 and at 9857.97 is the next of the complete decline witch started 10137.85! And last @9891.15 is the Wave 4 of lesser degree. If we`re in a Wave b or 4 we have the folling patterns in EW terms to look for.
---A which will be a sharp move to the upside,
---a Triangle which will move sideways or
---a Flat which will move sideways too. For the moment we don`t now which pattern will occurs but I favor the idea that the decline isn`t already done.
Depending from which level the next decline will start we have targets at 9650.92 which is the 1.618 RT of Wave 1 or to 9634 - 9579!
At the other hand at NIFTY200 it look`s like a "Morning Star" on a Daily basis (creating Gaps to the left and the right next to the Star) but is still below 50 which is a aspect for now!
As for now and because of the closed Market at India tomorrow I will keep my position neutral to NIFTY50 and will wait to Wednesday to clear my view what could be the next move with a higher level of confidence!
Have great day...
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 the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!!
Questions and Comment s are welcome!