Hello Traders,
the massive buying power that occurred on September 20 has pushed NIFTY50 to 11694. The correction since is not done now, `cause to my view, it is to shallow and retraced less than a 0.382 Fibonacci. So a possible complex wave structure could be underway and develop in the coming days.
May N50 make a new high above the 11694, I think it could be a wave „b“ of an expanding flat, which will be completed by a wave „c“ to fresh new lows below the 11416.40.
The internal structure shows, that N50 has pushed a bit above the 0.618 Fibonacci of the decline from 11694-11416. I have drawn a trend channel and the one shows that price has plunged to the centerline of the channel and bounced again to the upside, but misses to exceed the high again.
So, as long N50 is below 11694, my focus is on the downside and a break of the centerline will be a first hint for this idea.
A push above the 11694 could be part of an expanding flat or the start of a strong advance.
Today's a/d-ratio pushed N50 to a strong 4.5, while the broader market has a „normal“ and solid ratio of 1.55. TRIN closed at 0.765, which is bullish too.
My focus in the coming hours is to the downside, and if the wave structure develops, I will update the chart here.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
the massive buying power that occurred on September 20 has pushed NIFTY50 to 11694. The correction since is not done now, `cause to my view, it is to shallow and retraced less than a 0.382 Fibonacci. So a possible complex wave structure could be underway and develop in the coming days.
May N50 make a new high above the 11694, I think it could be a wave „b“ of an expanding flat, which will be completed by a wave „c“ to fresh new lows below the 11416.40.
The internal structure shows, that N50 has pushed a bit above the 0.618 Fibonacci of the decline from 11694-11416. I have drawn a trend channel and the one shows that price has plunged to the centerline of the channel and bounced again to the upside, but misses to exceed the high again.
So, as long N50 is below 11694, my focus is on the downside and a break of the centerline will be a first hint for this idea.
A push above the 11694 could be part of an expanding flat or the start of a strong advance.
Today's a/d-ratio pushed N50 to a strong 4.5, while the broader market has a „normal“ and solid ratio of 1.55. TRIN closed at 0.765, which is bullish too.
My focus in the coming hours is to the downside, and if the wave structure develops, I will update the chart here.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!