Hello Traders, NIFTY50 is below it`s April 30 countertrend high (@ 9889.8) which may finished wave (4) of high degree. The decline since is possible wave ((i)) of (5) or a good portion of it. The move from May 6 (@ 9116.5) is part of a countertrend which is not done to my view. The move develops within a trend channel and could evolve as a „a-b-c“-flat correction...
Hello Traders, NIFTY50 declined from April 30 @9889 to 9117 and shows a reversal since. The move down completes the first leg to the downside, creating an „Island-reversal-gap“ at the top. Always a possible point of reverse character at chart! The move from today`s low is wave an of a possible a-b-c countertrend and develops as a flat, zigzag, or a variation...
Hello Traders, Hang Seng moeved into the open gap (24611-23895) and closed nearly half of it. This move could be counted as a w-x-y-x-z or i-ii-iii-iv-v! You could observe, that a possible triangle was done @ 24014 and HS pushed above the upper boundary of the triangle. This move completes either the final moe after a triangle or it is part of the final move....
Hello Traders, because of „Labor Day“ on Friday, the stock market was closed. So I take NIFTY futures to show the developing structure of the waves. As I wrote before, the move from the March low (7377) is countertrend and develops within a „wedge-shaped“. It broke above the upper trendline, a so-called „throw-over“, and reversed back into the channel, indicating...
Hello Traders, NIFTY50 achieved equality for wave C and A at today`s session. So as per my latter analysis, it could be, that a countertrend rally was done today. If so, the next significant move should start in the coming hours and will bring N50 to new lows! On March 23, the a/d-ratio closed @ 1.73, at lower price levels. Today it closed @ 1.7 with higher price...
Hello Traders, Hang Seng dropped down the latter week to 23418 (Future low) and 24483 Cash market. Closing price @ 23831. As long as the top of wave C of (4) is valid (@ 24666.6) the outlook remains bearish to new lows for Hang Seng. As per my alternate count, it could be possible, that a flat-pattern is underway, which is not done to the downside, too. So, both...
Hello Traders, NIFTY50 declined this week 481.45 points, making a weekly loss of 1.95%. The weekly candle should mark the end of the countertrend rally, which started on March 23 @ 7511! The shape of the countertrend looks like a „wedge“, implying more bearish potential ahead. While multiple wave counts do exist, let`s check the one I favor. At the 240 minute...
Hello traders, NIFTY50 gaped down today (to 9025) and left this gap open at chart! This creates an „Island-reversal-gap“ also and it could indicate a change of trend to the downside. Yesterday`s „bearish-engulfing“ was established today. So, as long as the high @ 9385 is valid, the focus is on the downside. It could be, that N50 will close this open gap as of...
Hello Traders, today I like to show you the Hang Seng Future (Current contract in front) to show you the wave structure. On a daily timeframe, we still observe, that the close on April 17, high @ 24689 (intraday) and @ 24356 (closing), Hang Seng possibly finished a wave „4“ of Minor degree (the degree is not that important, let`s check the structure). If this is...
Hello Traders, the bearish engulfing failed with today`s session, while N50 exceed the high of the candle. Instead, a „Hanging-Man“ was established today, exactly at the 0.382 Fibonacci of the decline from the possible wave (2) high @ 12246. So, another chance to short N50? Let`s check the market. Back to the weekly chart. As I mentioned before, N50 has probably...
Hello Traders, NIFTY50 advanced into the cited range of 9318, the 0.382 Fibonacci of the wave (3) decline. Analyzing the A-B-C countertrend we still observe that the push from the possible wave „B“ low @ 8055 to the wave „C“ high took 5 days, while the wave (A) pullback lasted just 3 days. Both numbers are Fibonacci numbers, and the divider of 5/3 is 1.66 in...
Hello Traders, Hang Seng has achieved into the cited price area of 24395, the 0.618 Fibonacci of wave (a). Today's intraday high was @ 24603 and it is possible to count the move as a „five-up“. So the odds have increased that the countertrend that started on March 19 is complete. In this case, the next significant move is to the downside. A break of the wave iv...
Hello Traders, another week has gone and NIFTY50 moved from its end-March low @ 7508 to 9111.90 this week. More than 20% to the upside. Per definition, N50 is in a bull market again! As I wrote before, the press is calling out even this „fact“ but to me, it looks like N50 has done a normal retracement so far after the tremendous sell-off shake the market. So, to...
Hello Traders, NIFTY50 achieved into my cited target range above 9038.90, the lower range of my area of 9038-95883. This move should complete wave „C“ of (4) or it needs one more down-up sequence to complete. After so to occur, the next significant move is to the downside, with fresh new lows below the March 24 low of 7508! The bear-marked that has started on...
Hello Traders, Hang Seng achieved a 24262 level yesterday and shows weakness this day. It closed the latter two days below the 0.618 Fibonacci Extension of wave (a). The drop to 22756 was a wave (b) and the move to the upside may need one more down-up sequence to complete wave (c) of ((iv))! Overall the decline to fresh new lows is not done. Lower lows are...
Hello Traders, not much new to add for Hang Seng. The market is trading in a more or less sideways move and shows no clear odds to one or the other side. The move from the possible wave „4“ high is ranging within a trend channel and a breakout above the upper boundary and a move above the 23600 area would imply more potential to the upside. A possible target...
Hello Traders, Nifty50 declined to 8055.80 on Friday 03 and has met the 0.618 Fibonacci of the latter advance. This decline is wave „b“ of „4“! So the next move for N50 is to the upside above the March 27 high @ 9038.90, either from current levels or some points below. This move up will complete wave „c“ of (4)! While traders are often focused on that level of...
Hello Traders, as per my last analysis, N50 declined to fresh new weekly lows @ 8199.7 today. I have marked the move at chart with red arrows (lower high`s) and blue arrows (lower lows)! Second, I have drawn two declining trendlines at chart (black and red). As you will observe, N50 is in a down-trend, even making lower highs and lower lows! The black trendline...