NIFTY50...Beware for the bears!

NSE:NIFTY   Nifty 50 Index
Hello Traders,
yesterday NIFTY50 advanced to 10478.60, showing a huge a/d-Ratio @ 15.6, the strongest I have seen since I write down data. By todays trading NIFTY exceed the 0.618 FibRT which was at 10444.54 (10631-10141.55) some tics above and very early that day NIFTY create a „bearish Engulfing“ pattern which implies weakening priceaction ahead, as long as the high @ 10478.60 is not beeing exceed. Todays a/d-Ratio was shy at 1.38!
Note that at 10444.54 a wave 4 of lesser degree has taken place also. This is a common reversal zone within a corrective move .
So the levels are set.
Range trading between 10631.65 ( higher price opens the door for apush to the upside), trading below 10141.55 means the opposite.
I have connected the high @ 10631.55 and 10478.60 with a declining trendline and draw a parelell line to the downside. Any push above the upper trendline AND a break above ( on closing basis, hourly) of the blue rising trendline will indicate a push to 10631.65 and may above that high!
A first „5-up“ will increase the odds that a new advance has start at 10141.55!
Because of the not clear pattern (to my view) it is not really necesarilly to be invested every ay at this market!
Have a great day....

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 and!
Waves labelled as (3) & (5) of down move from 11171 to 10270, do not show any divergence. Hence suggest do recounting. Wave (5) actually ends at 10144, which is labelled as new wave (1).
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