NIFTY50 has declined to 10141.55, just tics above the 1.382 FibExt and within my cited pricerange @ 10168-10089. Right here it bounce back and this move shortterm does not look complete. So may fresh new lows are possible to complete wave (1) of ((C)), and a starting advance within the next tradinghours is to expect.
Notice that a/d-Ratio was very shallow at the last Sessions with a close Range from 0.56 -1.08 in March ( EoD Basis)! This is not what I expect to see by the start of a new advance! This behavior make this patterns again a „Sucker-play“ within a corrective part! Only a solid push with high and an „exploding“ a/d-Ratio with level well above 2 and following days with nearly the same behavior will change my outlook to neutral at first!
Note that NIFTY50 touched the lower rising boundary Line of the Trendchannel and pushed back into it.
Shorttem there is a widening range from 10328-1044 for a countertrend within a wave 2 of ((C)), as long as the level of 10141.55 is not extend to the lower range. A push above 10631.55-10637.80 can make this move to a „Expanding-flat“ and change the wave labbels!
Notice that VIX is dancing at his support line and (still below 50) is to interpret as .
The targets for the case are unchanged and right at ~9735-9393 zone!
A push above 10325 on hourlyy basis let increase the odds that the stortterm decline is done.
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!