Hello Traders,
NIFTY runs exactly it`s course and touches today my favored targetzone at 10104.45, some points above my stated level of 10099! This day was supported by a solid a/d-Ratio of 4 (40/10/-) and it is possible as u can see at chart to labbel the advance complete by making a new high in this advance and showing a clear 5-move-pattern up! NIFTY50 also penetrated the rising lower boundary line of the trendchannel, which was drown at chart as NIFTY made it`s way in the wave b correction to the upside in late Aug. and September!
Following the bullish view itis now possible that NIFTY is declining with out losing time in a wave (ii) to new lows in this advance at ~ 9846 zone , which is the 0.618 RT (9687.55-10104.45), a common targetzone for a wave (ii) decline. May one more up sequence is also thinkable, here at least penetrating the upper boundary trendline, created by the trendchannel of the advance which tomorrow will touch @~ 10120-10150 zone, depending when and if it is touching this level. Once this advance is complete, NIFTY50 will sharply reverse and made it`s way down in a wave (ii) correction. Again, note the divergence at RSI (14, c) and NIFTY at chart!
One more bullsih scenario is, that NIFTY starts today wave (iii) after finishing a shallow correction in a wave (ii) and started for new ATH`s! To support this view it is most needed, that the a/d-Ratio is also on a high level and clear within the next hours and days. May this move is accompanied by some Gap`s to the upside. In strong trending markets, shallow occoring corrections support the bullish view and often take place as it is possible in NIFTYY50!
In the bearish case, but with decreasing odds, it is even also quite possible that NIFTY is rising in a wave (ii) correction but this one is one with the lower odds. MoB for this scenario is the level of 10178.95! There are some other odds to monitor, but I do favor the strong advance as long as NIFTY is trading above 9776 on a daily close. I rather think it is needed that NIFTY is trading two days below that level to kick bulls from the floor.!
Have a great evening.........
ruebennase
Questions and Comments are welcome!
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!
NIFTY runs exactly it`s course and touches today my favored targetzone at 10104.45, some points above my stated level of 10099! This day was supported by a solid a/d-Ratio of 4 (40/10/-) and it is possible as u can see at chart to labbel the advance complete by making a new high in this advance and showing a clear 5-move-pattern up! NIFTY50 also penetrated the rising lower boundary line of the trendchannel, which was drown at chart as NIFTY made it`s way in the wave b correction to the upside in late Aug. and September!
Following the bullish view itis now possible that NIFTY is declining with out losing time in a wave (ii) to new lows in this advance at ~ 9846 zone , which is the 0.618 RT (9687.55-10104.45), a common targetzone for a wave (ii) decline. May one more up sequence is also thinkable, here at least penetrating the upper boundary trendline, created by the trendchannel of the advance which tomorrow will touch @~ 10120-10150 zone, depending when and if it is touching this level. Once this advance is complete, NIFTY50 will sharply reverse and made it`s way down in a wave (ii) correction. Again, note the divergence at RSI (14, c) and NIFTY at chart!
One more bullsih scenario is, that NIFTY starts today wave (iii) after finishing a shallow correction in a wave (ii) and started for new ATH`s! To support this view it is most needed, that the a/d-Ratio is also on a high level and clear within the next hours and days. May this move is accompanied by some Gap`s to the upside. In strong trending markets, shallow occoring corrections support the bullish view and often take place as it is possible in NIFTYY50!
In the bearish case, but with decreasing odds, it is even also quite possible that NIFTY is rising in a wave (ii) correction but this one is one with the lower odds. MoB for this scenario is the level of 10178.95! There are some other odds to monitor, but I do favor the strong advance as long as NIFTY is trading above 9776 on a daily close. I rather think it is needed that NIFTY is trading two days below that level to kick bulls from the floor.!
Have a great evening.........
ruebennase
Questions and Comments are welcome!
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!