Hello Traders, as I wrote of my last analyse, the possible triangle pattern got eliminated by declining below 10398.20! The pullback since the low at 10276.30 is very shallow and just retraced 0.38 of the decline from 11171.55. Since the high at 10637.80 (the possible wave (A) level) NIFTY shows weakening pattern and is may tumbeling in a A-B-C of (B) pattern downwards. A common target for a wave (B) in a expanding Flat pattern is the 101%-138-161.8% of wave (A). I have labeld the 1.38 FibExt of Wave (A) at chart which is at 10138.2! This is also the level where the purple rising trendline is placed at chart. From this level a rise in a wave (C) is possible. Another count is labeld at the 360 min chart (see lower graph)! The decline from 11171.55 is just a „3-down“ `til today. If a new low is next what will occur, a „five-down“ is the pattern which implies after a pullback another „five-down“ in a wave c/3. Have a great day... ruebennase
Questions and Comments are welcome! Note!---> This analysis 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!!!
followed by fall to make new low below 10276