the conclusion as of my last analyze was correct. NIFTY 50 declined the past two session and reduced „overbought“ condition, failed to retrace a 0.382 Fibonacci of the advance (@ 11586.43), which is also a wave „4“ of lesser degree. To my view the move need one more „up-down“ sequence to complete the correction and will advance thereafter.
NIFTY50 open todays session with a massiv gap and endet the day with a 421.10=3.69% gain!
This massiv and strong move, indicate a wave „three of three2 of lower degree with more bullsih potencial ahead.
A/d-Ratio today closed at a skyrocketing level of 9 (45 advances/5 declines) and support this conclusion. Todays TRIN closed at low reading of...
NIFTY50 made a low at 11108.45 and start an advance since. This move could be wave „1“ of a larger uptrend, that can led N50 to new highs.
At the short term the move up is not a clear „five-up“ but the slope of the advance is one argument for this. The second leg up, started at 11137.45 on May 15 is countable as a „slit up“ wave, a series of „one`s...
NIFTY50 had a strong day, advancing +150 points. A/d-Ratio was strong at 5.2 and TRIN showing a solid 0,37 level. In total either the start of a wave „three of three“ or a fake move! The next hours and days will give the answer.
As of my last analyse, I wrote that the level of 11549 is important to be valid. At 11564.9 N50 has reversed to the upside...
Nifty is under a clear uptrend after 5 months of consolidation.
ideal strategy would be to buy Nifty at every dip with a stoploss below 10971.
For any further help feel free to contact me from the link provided in my profile.
All the best.
MARKET ANALYSIS: As we can see from the chart, that the corrective phase of nifty has been completed now we can expect a downtrend continuation. we can expect the market to reach 9300 - 9400 around the month of march 2019. So lets wait and see what the market does in the coming weeks. Cheers!