Hello Traders,
today I like to show you an alternate count for NIFTY50!
Todays decline was very sharp and brought N50 down to 10866.45, which is below the possible zone I mentioned at my last analyse:
As of my last count I favored a wave 4 correction, but the Fibonacci of more than 0.618 of wave (iii) makes it less common for a wave (iv) target. If the decline was wave c it took the Fibonacci Extansion of 1.27 of wave a, a common target for this pattern.
At the high @ 11737.55 I label it wave (v) of ((v)) of 5 and a sharp and step correction is now on the run with target well below todays low, may into10760-10600 range. More bearish potential exist.
The alternate is that a wave ((iii)) finished at 11737.55 and a wave ((iv)) is running down.
I am not sure which one to favor, like to see more details on Monday and at the following trading days.
Be prepared for a Major correction!
Have a great weekend...
ruebennase
Questions and Comments are welcome!
Note!---> This analys 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 NSEIndia.com!
today I like to show you an alternate count for NIFTY50!
Todays decline was very sharp and brought N50 down to 10866.45, which is below the possible zone I mentioned at my last analyse:
As of my last count I favored a wave 4 correction, but the Fibonacci of more than 0.618 of wave (iii) makes it less common for a wave (iv) target. If the decline was wave c it took the Fibonacci Extansion of 1.27 of wave a, a common target for this pattern.
At the high @ 11737.55 I label it wave (v) of ((v)) of 5 and a sharp and step correction is now on the run with target well below todays low, may into10760-10600 range. More bearish potential exist.
The alternate is that a wave ((iii)) finished at 11737.55 and a wave ((iv)) is running down.
I am not sure which one to favor, like to see more details on Monday and at the following trading days.
Be prepared for a Major correction!
Have a great weekend...
ruebennase
Questions and Comments are welcome!
Note!---> This analys 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 NSEIndia.com!