NIFTY50.....Countertrend to develop!

Hello Traders,
the move from 10985-10534 is clearly a „five-down, the countertrend to 10833 is either wave ii or a good portion of it. It retraced shy above the 0.618 Fibonacci of the distance, a typicall target for a wave „ii“! In terms op price the move was to short to be all of wave ii, so I favor the idea of wave „a“ of „ii“. Really often to observe structure for a wave „ii“ is an „Expanding flat“, so it need time to develop.
By observing the a/d-Ratio and TRIN we can state following.
Today, December 27 a/d-Ratio started strong at ~3 and rallied to nearly 5, just for the rest of the day it shows weakening behavior and closed the day at 1.25! The daily TRIN (ARMS Index) closed today @0.84.
Both measures suggest that there is no hint for a start of a rally (a/d-Ratio is to shy and TRIN is to strong), so as before I favor the view for a countertrend push within a wave „ii“!
A daily close with strong volume above the 10888 will, on the other hand, support the view for a strong move up and will turn my stand neutral.

Have a great day.....
ruebennase

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