ruebennase

ruebennase

Hello Traders, NIFTY50 raised this week to 17557 on a closing basis, and extend well above my first target level, mentioned in my latter analysis! It, too, closed a first open gap, left by trading on March 09-10! And last, it popped well above the declining trend line, connecting the levels of 18696-18201-17428. This is getting possible interpretation into...

ruebennase

Hello Traders, as I wrote in my latter analysis, NIFTY50 took the "last" chance to reverse the trend! After three red candles, building a bottom at or around 16910-16920, trend reverse and popped up with bullish volume above my cited, important range @ 16207. The week's close was at 17359! From an Elliott wave perspective, we have two alternates. First is, this...

ruebennase

Hello Traders, after a short "counter-trend-move", that nearly exactly touched the declining trend line (black), including my expected gap-up, weakness again caught NIFTY50 and has corrected the 0.786 Fibo of the advance last trading week! For the bullish idea, it is important to start now the advance to and above the midweek high @ 17207 level and jump above the...

ruebennase

Hello Traders, NIFTY50 dropped close to the mentioned price range, as per my latter analysis! Today's low was @ 16828; I called for 16750 area. Either it was all of the correction and N50 will start a "counter-trend-rally, or one more lower low is needed to end the correction. At the latter case, N50 would drop into my favored price range @ or around 16750-16641...

ruebennase

Hello Traders, the bearish trend is intact! NIFTY50 is correcting to lower lows, and as long as there is no pattern for a bullish reversal, the focus should be on the short side. On Friday, N50 gaped to the downside, what is a bearish sign. The gap is a 146 points; massive! It also moved into the support zone, marked with the rectangle. A break below the lower...

ruebennase

Hello Traders, NIFTY50 broke the lower low @ 17761, a wave a level of Subminuette degree. This opens the door to new lows during last weeks sessions, and the question for the coming week:"Was it all? Or is more trouble ahead? For the bears. A break of 17353 is the key to collaps to lower boundary of the rectangle @ 17270, and below to 17098 – 16950! Here, a...

ruebennase

Hello Traders, as I wrote, the latter week. The correction continues! NIFTY50 failed to break above the high area @ 18052-18265. This is my expectation for rising price in the coming days and weeks ahead. From a technical perspective, N50 touched the down slopping trend line @~17884. From this level, it needs a push to the upside to end the decline and start a new...

ruebennase

Hello Traders, on Monday, February 6th, NIFTY50 open with a gap-down. The correction morph into a "three-down", which could be a wave 2 of a new impulse, or it is part of the longer lasting correction, started on December 01! Anyway! The decline since, established a trend-channel, connecting the highs @ 18696 and 18201, both are wave ((B)) levels and part of a...

ruebennase

Hello Traders, on February 01, NIFTY50 has shown a wild ride! After a positive start of the session, it declined in a massive selling panic to 17353, where it bottomed and set a new low in a possible wave ((c)) of y! Here, too, it touched the declining trend line, connecting the highs of 18598-18383! After it reversed and move to 17854 on a closing price! Was...

ruebennase

Hello Traders, NIFTY50 has failed to break above the resistance level of 18100 points. Instead, it dropped to new lows below 17774 in possible wave ((c)) of y low! That means, a larger correction is underway, and it will correct the advance from the September low @ 16747! More bearish potential exist! In details. A first target range could be at or around the...

ruebennase

Hello Traders, NIFTY50 has moved into the cited price range of my latter analysis. Here, it reversed and has shown weakness to a level at 18027! The move from the possible wave ((c)) of y is either a new wave 1 and 2, 1 and 2, or it is a huge 1-w-x-y and finished a wave 2 on Friday! More possibilities are in focus! If it was a wave y of 2, the next move is up and...

ruebennase

Hello Traders, NIFTY50 has popped above the declining trend line, which now, act as a support! A break of this line and a decline below the 17875-17853 should open the door for more weakness! Anyway! For now, it is important to stay above the 17999–17926 levels. A decline below brings the area of 17853 into forehand! A break of today's high @ 18072 is a good...

ruebennase

Hello Traders, NIFTY50 has made a new low @ 17761! This was inline with my expectations. But to be honest! This was not the low I meant! This level was touched, and it created more or less a “multiple bottom“ at 17760 area! Whether this bottom will be resilient remains to be seen. Anyway! From a technical view, it is important, to break above the declining blue...

ruebennase

Hello Traders, I wish all of you a happy new Year and the best for 2023! NIFTY50 has declined as forecast at my latter analysis to and shy below the 18k point level! The pattern overall since the high @ 18887 looks more corrective and not done to the downside, as I see no bullish sings for a reversal! I have drawn an a-b-c – x -- idea at chart what means a waves...

ruebennase

Hello Traders, I wish all my readers and followers a peaceful, healthy New Year 2023. May you and your families all please stay healthy! Take care! NIFTY50 has declined below my mentioned area @ 18k points. I dropped to 17774, what is close to the 05. Fibo of the advance from 16572-18887. This could be all of the weakness for N50, but the movement since the low @...

ruebennase

Hello Traders, caused by a change of house rules @TV, I have lost my long-year-counts for NIFTY50 and other India indexes! Hopefully @TV is able to restore! Anyway! I have updated the count and it is now possible, that @ 18887.60 a wave v was done. That would mean, that N50 is in a correction within a wave, which is able to retrace the total advance since 16747!...

ruebennase

Hello Traders, NIFTY50 has broken my blue trend line, and as I wrote before, this could be a good hint, that wave 3 is done with wave 4 in progress. To be honest, the decline for the possible wave 4 is a bit “deep” and a contact with the level of 18325 would eliminate this idea. So, not much room to go! Another count idea could be, that @18887 a wave v was done...

ruebennase

Hello Traders, NIFTY50 set a new ATH @ 18887.60. As I wrote before:“ It will follow a series of new ATH`s! This is what occur now. The price-targets for an extending wave v of (v) ranges from 19153-19383. To select the count in details, it is possible and „looks better”, when counting wave (3) of ((5)) @ the latter high @ 18887. A break of the blue trend line...