Hello Traders,
since the high @ 10637.80 on Feb. 08 and the low @10302.75 on Feb.19 NIFTY50 is trading in a sideways range, where a possible Flat pattern has formed and might be complete or is close to do so. Price has retraced a bit more as .382 of the decline that started @ 11171.55!
Observe the INDIAVIX at the lower upper graph. VIX is bouncing at the support @14 zone, and a sharp dropp to the downside is still possible, which indicate weakening price action at the next trading days.
The last move to the upside was just a 3-up and as long as the high @10631.65 is not touched the pattern is down and may to count as a w-x-y and a wave b or 2!
A rise above the high @ 10637.80 to the exceeding pricerange at 10829 ( .618 RT) zone will indicate that a zigzag pattern is on the run to my view.
So, in both cases the next significant move which has to occur is focused to the downside with targets at ~10170 area. Greater bearish potencial exists!
But keep in mind, that in terms of the time the targets are stretched over the maximumtime, and let us expect (which is still developing) that a complexe corrective pattern is here at work. More often than not, a typicall target in terms of time is between the .618 -1.618 of the preceding wave.
So stay tuned for the next move...
Have great time.....
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!
since the high @ 10637.80 on Feb. 08 and the low @10302.75 on Feb.19 NIFTY50 is trading in a sideways range, where a possible Flat pattern has formed and might be complete or is close to do so. Price has retraced a bit more as .382 of the decline that started @ 11171.55!
Observe the INDIAVIX at the lower upper graph. VIX is bouncing at the support @14 zone, and a sharp dropp to the downside is still possible, which indicate weakening price action at the next trading days.
The last move to the upside was just a 3-up and as long as the high @10631.65 is not touched the pattern is down and may to count as a w-x-y and a wave b or 2!
A rise above the high @ 10637.80 to the exceeding pricerange at 10829 ( .618 RT) zone will indicate that a zigzag pattern is on the run to my view.
So, in both cases the next significant move which has to occur is focused to the downside with targets at ~10170 area. Greater bearish potencial exists!
But keep in mind, that in terms of the time the targets are stretched over the maximumtime, and let us expect (which is still developing) that a complexe corrective pattern is here at work. More often than not, a typicall target in terms of time is between the .618 -1.618 of the preceding wave.
So stay tuned for the next move...
Have great time.....
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!