ruebennase

NIFTY50..shortterm correction ahead?

NSE:NIFTY   印度Nifty50指数
103 0 3
Hello Traders,
today NIFTY50 mark a new ATH             1.93% @ 10490.45, just tics away from my cited pricetarget ~@10488 and also touching the purple dotted trendline drawn at 60 min chart. After making the new high at early trading, NIFTY             -0.01% reversed sharp to the downside and exceed the pricerange target to the downside at 10429.20 (see my analyse from Nov.01)!
Within the red dotted trendchannel it is possible that NIFTY             -0.01% touched within the next tradinghours the lower boundary line @ ~10418 area, depending when and if it is doing so!
Closing the gap at 10341.20 from the close from the close at Oct -1.85% . 31 will be a first sign of weakness, closing the day below 10264 (0.618 FibRT) the second. But just a daily close below the level of 10124.50 with a solid bear candle and strong volume will give a fingertip that a longer correction is underway.
Todays             2.17% a/d-Ratio was weak at 0.76, VIX             3.83% is trending higher and support the view for a shortterm bounce, even RSI and RoC are also showing weakness at lower timeframes.
"One more little thing" to the upside is the pricetarget around ~ 10495 area, where price will met the rising purple trendline dran at chart. Another target area lies at 10510-10520, where the upper, rising trendline , drawn at daily timeframe , (not shown) is placed.
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!!!!
Data by NSEIndia.com and moneycontrol.com!
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