Hello Traders,
NIFTY50 declined by this morning opening to 11108.45, completed wave ((c)) of „ii“. Note that the decline from the wave (4) high @ 11345.80 is a clear „five-down“!
Furthermore, the decline from 11849.50 retraced a nearly 0.618 Fibonacci of the advance from 10585.65, which is a commonm target for a wave „two“ of any degree (in terms of Fibonacci measuring). And, one more argument, the advance from intraday low @ 11108.45 is in candle stick perspective, a clear, but not textbook like, „morning-star“ formation, that often occurs at bottoms, after a decline and set the stage for a new advance. The a/d-ratio closed the day at respectable 2.1, levels that often signal a change of trend, here to the upside.
The alternate interpretation of this count is, that at 11108.45 a wave (3) was done, the move now is wave (4) with a last decline within a wae (5) to new lows around the 11068.63 area, the 0.618 Fibonacci from 10585-11849! If so, after a decline has occur, the next move is to the upside.
A breakout with strong volume and a steep slope will signal this advance!
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
NIFTY50 declined by this morning opening to 11108.45, completed wave ((c)) of „ii“. Note that the decline from the wave (4) high @ 11345.80 is a clear „five-down“!
Furthermore, the decline from 11849.50 retraced a nearly 0.618 Fibonacci of the advance from 10585.65, which is a commonm target for a wave „two“ of any degree (in terms of Fibonacci measuring). And, one more argument, the advance from intraday low @ 11108.45 is in candle stick perspective, a clear, but not textbook like, „morning-star“ formation, that often occurs at bottoms, after a decline and set the stage for a new advance. The a/d-ratio closed the day at respectable 2.1, levels that often signal a change of trend, here to the upside.
The alternate interpretation of this count is, that at 11108.45 a wave (3) was done, the move now is wave (4) with a last decline within a wae (5) to new lows around the 11068.63 area, the 0.618 Fibonacci from 10585-11849! If so, after a decline has occur, the next move is to the upside.
A breakout with strong volume and a steep slope will signal this advance!
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!