Hello Traders,
sometime pattern need time to develop.
So it was after the dramtic slide in US Markets as it was at India Major Indexes and World leading Indexes too. Still it is not serious to count a chart without clear pattern or alternate interpretation. That`s why I took the time to publish my new analyse.
In the first move NIFTY50 plummeted to 10276.30, the level which represent the 0.786 RT from 10033.35 – 11171.55. After that a countertrend occur which retraced which retreaced a bit more of the 0.38RT of the complete decline from Feb. 01 or the 0.42 RT from 11117.35.
Both retreacement level fits well for a wave B or 4 pattern. The RSI Indicatror (14) failed to exceed above the 50% level which is a common target for a countertrend in both waves.
As per alternate labels, drawn at chart we have the following opportunities with the highest chance to my view will still develop.
Either the decline is a wave (A) (@10276.30) and the countertrend is wave (B) which is done or close to do so, or the move is a wave 4 pattern and fresh lows will occur at Friday, latest at Mondays session. In both cases fresh new lows are the next target I expect. A price target for a new low is at ~10100-10150 area, where price will met the upper rising trendline of a trendchannel, dran at log scale. One other pattern is a triangle which is possible to develop, which indicate a sideways move within the next days.
The next best interpretation is that the move was complete at 10276.30 and fresh ne highs are still at forefront. A triangle is a pattern which also fits well into Elliott wave pattern in a wave b or 4!
So again. Be cautious for the next move and prepared for the unexpected.
Have a great day....
ruebennase
sometime pattern need time to develop.
So it was after the dramtic slide in US Markets as it was at India Major Indexes and World leading Indexes too. Still it is not serious to count a chart without clear pattern or alternate interpretation. That`s why I took the time to publish my new analyse.
In the first move NIFTY50 plummeted to 10276.30, the level which represent the 0.786 RT from 10033.35 – 11171.55. After that a countertrend occur which retraced which retreaced a bit more of the 0.38RT of the complete decline from Feb. 01 or the 0.42 RT from 11117.35.
Both retreacement level fits well for a wave B or 4 pattern. The RSI Indicatror (14) failed to exceed above the 50% level which is a common target for a countertrend in both waves.
As per alternate labels, drawn at chart we have the following opportunities with the highest chance to my view will still develop.
Either the decline is a wave (A) (@10276.30) and the countertrend is wave (B) which is done or close to do so, or the move is a wave 4 pattern and fresh lows will occur at Friday, latest at Mondays session. In both cases fresh new lows are the next target I expect. A price target for a new low is at ~10100-10150 area, where price will met the upper rising trendline of a trendchannel, dran at log scale. One other pattern is a triangle which is possible to develop, which indicate a sideways move within the next days.
The next best interpretation is that the move was complete at 10276.30 and fresh ne highs are still at forefront. A triangle is a pattern which also fits well into Elliott wave pattern in a wave b or 4!
So again. Be cautious for the next move and prepared for the unexpected.
Have a great day....
ruebennase