Hello Traders,
NIFTY50 open that day with a gap up to 9855 (+58.95) and made it`s low in the first 15 min of trading at 9850.8. Closing the day at 9884.40 (+88.35) and penetrating the trendline from 10137 - 9925 several times! But it did not exceed it as of today. So this line becomes more important as long it keep intact and NIFTY50 is trading below.
By observing different data we can see, that the a/d-Ratio at NIFTY50 was at (3.45) that morning and the pullback stretched much higher as I expectet, but in EW terms it can not surprise, because after an extending fifth wave, pullbacks often penetrate the level of a wave 2 of lesser degree which is at 9917. The move that startet at the daily high shows a clear 3-wave pattern and as long the low @ 9874 remains intact, the odds are to favor that a new advance is following. Different patterns in EW terms are to watch, so one is a flat pattern. Below 9874 the targets around the 9871-9846 zone are to expect and closing the open gap made by todays opening increase the odds that a wave "2 or b" is in place with targets to ~ 9766 level!
As long as 9925.60 is not exceeded the odds for another decline are to favor in my view!
By observing the FX pair USDINR we saw yesterday a clear 5-wave up and to today a clear 3-wave pattern which is complete or near to do so. That also implies a following advance in the pair and a lagging day in NIFTY50!
Traders who not being invested has to step by side and wait for clearer odds and patterns in the coming hours and days.
Also the geopolitical conditions are not clear and as long as both leaders (Trump and Kim Jong Un) are not willing to make a agreement the situation may not tradeable!
Have a great day
rubennase
Questions and Comments are welcome! Feel free to do so...
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!
NIFTY50 open that day with a gap up to 9855 (+58.95) and made it`s low in the first 15 min of trading at 9850.8. Closing the day at 9884.40 (+88.35) and penetrating the trendline from 10137 - 9925 several times! But it did not exceed it as of today. So this line becomes more important as long it keep intact and NIFTY50 is trading below.
By observing different data we can see, that the a/d-Ratio at NIFTY50 was at (3.45) that morning and the pullback stretched much higher as I expectet, but in EW terms it can not surprise, because after an extending fifth wave, pullbacks often penetrate the level of a wave 2 of lesser degree which is at 9917. The move that startet at the daily high shows a clear 3-wave pattern and as long the low @ 9874 remains intact, the odds are to favor that a new advance is following. Different patterns in EW terms are to watch, so one is a flat pattern. Below 9874 the targets around the 9871-9846 zone are to expect and closing the open gap made by todays opening increase the odds that a wave "2 or b" is in place with targets to ~ 9766 level!
As long as 9925.60 is not exceeded the odds for another decline are to favor in my view!
By observing the FX pair USDINR we saw yesterday a clear 5-wave up and to today a clear 3-wave pattern which is complete or near to do so. That also implies a following advance in the pair and a lagging day in NIFTY50!
Traders who not being invested has to step by side and wait for clearer odds and patterns in the coming hours and days.
Also the geopolitical conditions are not clear and as long as both leaders (Trump and Kim Jong Un) are not willing to make a agreement the situation may not tradeable!
Have a great day
rubennase
Questions and Comments are welcome! Feel free to do so...
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!