Hello Traders,
NIFTY50 achieved the target-area at 10559, extending to 10606.95 and start a pullback immideatly.It it is clear a „five-up“ and the question is, is this the first five of a new advance or just a five of a“ZigZag-pattern“?
For the bullish case, I have marked the chart with an red arrow, because impulse waves often tend to run in a trendchannel, and they often touch the upper and the lower line of it. So, per the alternate label at chart, it is possible to count the move as a wave ((3)) instead a ((5)) and the setback will likely touch the lower line of it`s channel. After this, if it happens, another high is next at 10700 area, were the upper line is placed, depending on if and when it will be achieved.
Another possibilitie is, that the run is just an extending wave „c“, which achieved the 1.618 Fibonacci, a common target for „C-waves“ and a new decline will set the stage.
Monday will answer this question, lately Tuesday.
The indicators shows not much new to add. TRIN was at 0.63 today, while the a/d-Ratio closed at 2.85, supporting the view of an impulsive move.
On the longer timeframe (weekly) one of the counts I`m monitoring is, that the low at 10004 is a wave „A“ and the now running countertrend is a „B-wave“, that will may develop within a ZigZag!
Have a great weekend....
ruebennase
NIFTY50 achieved the target-area at 10559, extending to 10606.95 and start a pullback immideatly.It it is clear a „five-up“ and the question is, is this the first five of a new advance or just a five of a“ZigZag-pattern“?
For the bullish case, I have marked the chart with an red arrow, because impulse waves often tend to run in a trendchannel, and they often touch the upper and the lower line of it. So, per the alternate label at chart, it is possible to count the move as a wave ((3)) instead a ((5)) and the setback will likely touch the lower line of it`s channel. After this, if it happens, another high is next at 10700 area, were the upper line is placed, depending on if and when it will be achieved.
Another possibilitie is, that the run is just an extending wave „c“, which achieved the 1.618 Fibonacci, a common target for „C-waves“ and a new decline will set the stage.
Monday will answer this question, lately Tuesday.
The indicators shows not much new to add. TRIN was at 0.63 today, while the a/d-Ratio closed at 2.85, supporting the view of an impulsive move.
On the longer timeframe (weekly) one of the counts I`m monitoring is, that the low at 10004 is a wave „A“ and the now running countertrend is a „B-wave“, that will may develop within a ZigZag!
Have a great weekend....
ruebennase