Hello Traders,
the „alternate“ count as of my last analys step in front and N50 has made a wave „b“ high at 11523.25 on Sept. 14! Since than he declined in a wave „c“ and meet today support @ 11208 zone. A zone were a wave „4“ of one lesser degree is placed and it is too the 0.618 Fibonacci of wave „a“-“c“! So the odds are high that a countertrend is next to occur or N50 need one more up/down sequence to complete the correction!
At Aug 28 N50 made a new ATH at 11760 with a weak a/d-Ratio @0.72! At Jan 29, the earlier ATH the Ratio was at 1.27! That means, traders and investors have been more bearish at a higher price level as before, which is to my view bearish over all and often occurs at the end of a trend or it is the start of a even greater correction.
If so, N50 is possibly declining into the range at 11071-109xxzone; another wave „4“ of even lesser degree!
On the other hand, just a „painters-idea“ N50 is declining within a trendchannel, were price have met several times nearly perfect the upper- and lower boundary line of the channel. If N50 is following it`s own path, it will be interesting to see, if price touch the lower line once again (@11120-11100 zone) within the next hours and reverse at one of these areas!?
While Major indexes in Asia/Pacific region has endet there declines possibly, like Nikkei225 and Hang Seng the odds are in front, that NIFTY50 as one of the outperformers of the last month and years will follow!
Interesting times are just ahead of us! Stay tuned!
Have a great week...
ruebennase
the „alternate“ count as of my last analys step in front and N50 has made a wave „b“ high at 11523.25 on Sept. 14! Since than he declined in a wave „c“ and meet today support @ 11208 zone. A zone were a wave „4“ of one lesser degree is placed and it is too the 0.618 Fibonacci of wave „a“-“c“! So the odds are high that a countertrend is next to occur or N50 need one more up/down sequence to complete the correction!
At Aug 28 N50 made a new ATH at 11760 with a weak a/d-Ratio @0.72! At Jan 29, the earlier ATH the Ratio was at 1.27! That means, traders and investors have been more bearish at a higher price level as before, which is to my view bearish over all and often occurs at the end of a trend or it is the start of a even greater correction.
If so, N50 is possibly declining into the range at 11071-109xxzone; another wave „4“ of even lesser degree!
On the other hand, just a „painters-idea“ N50 is declining within a trendchannel, were price have met several times nearly perfect the upper- and lower boundary line of the channel. If N50 is following it`s own path, it will be interesting to see, if price touch the lower line once again (@11120-11100 zone) within the next hours and reverse at one of these areas!?
While Major indexes in Asia/Pacific region has endet there declines possibly, like Nikkei225 and Hang Seng the odds are in front, that NIFTY50 as one of the outperformers of the last month and years will follow!
Interesting times are just ahead of us! Stay tuned!
Have a great week...
ruebennase