Hello Traders,
Fridays trading was a sharp decline with the following levels: o: 10094.35; h: 10121.90; l: 9952.80; c: 9964.40 (-157.50p/-1.56%) A/D-Ratio collapse to 0.09 (4/47) the lowest since weeks!
At the higher timeframes (4h) it look like a wave c (Minuette) degree has started down after completing a "expanding flat" pattern at Sept. 19 at 10179.95, retracing 1.09 of the move from 10137.85 to 9685.55! A bit shallow for an expanding one but acceptable to my view.
At this is the case the next days will set the stage for a sharp and deep decline to 9685.55 at minimum, more bearish potencial exist.
Analysing the candle stick pattern shows the start to that decline, a bearish Engulfing candle at Sept. 19 with the start of the session. By moving it`s way down, price cut the middle KC-Line @10056.53 and open the door for the lower KC-Line @ 9596.54 Breaking below the lower boundery TL will be the first sign that the move is still on the way for lower prices, but again, as I told days before we are still entering a phase of high volatile action at the market. The INDIAVIX is still advancing from his low levels up to 12.48 on Friday and support that view. Also by observing the option chain with highly positions/puts between the 9500-10K is another one.
At the 15 min chart we still see prices broke the lower TL (blue) at Fridays session and declined below the 0.5 RT 9783.75 - 10178.85 which support my view also, that this decline is not a wave iv rather than part of a decline, may a wave "c" of "A" or another pattern which need time to develop.
As long as prices trade below 10178.85 the favored count now is the wave "c" move to at least 9642 at minimum, where wavec equals wave a! At 9510 - 9403 wave c has the lenght of 1.38-1.618 Extension af wave a!
A possible pullback to 9980-10030 is to watch, kind of a "dead cat bounce" and than time to say "Good-by"!
Have a great weekend
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!
www.nseindia.com/liv...chain/optionKeys.jsp
Fridays trading was a sharp decline with the following levels: o: 10094.35; h: 10121.90; l: 9952.80; c: 9964.40 (-157.50p/-1.56%) A/D-Ratio collapse to 0.09 (4/47) the lowest since weeks!
At the higher timeframes (4h) it look like a wave c (Minuette) degree has started down after completing a "expanding flat" pattern at Sept. 19 at 10179.95, retracing 1.09 of the move from 10137.85 to 9685.55! A bit shallow for an expanding one but acceptable to my view.
At this is the case the next days will set the stage for a sharp and deep decline to 9685.55 at minimum, more bearish potencial exist.
Analysing the candle stick pattern shows the start to that decline, a bearish Engulfing candle at Sept. 19 with the start of the session. By moving it`s way down, price cut the middle KC-Line @10056.53 and open the door for the lower KC-Line @ 9596.54 Breaking below the lower boundery TL will be the first sign that the move is still on the way for lower prices, but again, as I told days before we are still entering a phase of high volatile action at the market. The INDIAVIX is still advancing from his low levels up to 12.48 on Friday and support that view. Also by observing the option chain with highly positions/puts between the 9500-10K is another one.
At the 15 min chart we still see prices broke the lower TL (blue) at Fridays session and declined below the 0.5 RT 9783.75 - 10178.85 which support my view also, that this decline is not a wave iv rather than part of a decline, may a wave "c" of "A" or another pattern which need time to develop.
As long as prices trade below 10178.85 the favored count now is the wave "c" move to at least 9642 at minimum, where wavec equals wave a! At 9510 - 9403 wave c has the lenght of 1.38-1.618 Extension af wave a!
A possible pullback to 9980-10030 is to watch, kind of a "dead cat bounce" and than time to say "Good-by"!
Have a great weekend
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!
www.nseindia.com/liv...chain/optionKeys.jsp