today NIFTY50 declined the that day after opening at 10477.15, making it`s high at 10485.75 and set the low at 10350.15 points. Notice that price touched the upper red dotted , drawn at chart and reversaled thereafter sharp to the downside.
The closing price at 10350.15 is either wave a of an a-b-c correction or it is complete and one degree higher a wave 2 is done. But this is a possibility with lower probability, because the correction it self is to shallow!
So we have to look for lower targets @ 10323.95 which is wave 4 of ((5)). Another common target is the wave ((4)) low of one lesser degree at 10124.50 which will mean that all open gaps (observe at chart) will be closed very soon. Further targets are around 10183.65 zone, the 0.38 RT of the advance that start at Sept. 28 @ 9687.55 or 10088.78, just tics above the wave (4) of wave ((3)) at 9955.80!
Todays a/d-Ratio was very weak at 0.31 (12/39) while VIX jumped to a shortterm high at 13.60 and still moving sideways, and are very weak also, but close to a level, that implies a possible bounce to the upside is just around the corner within the next tradinghours.
Have great day
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!
yes seam to be so. As I wrote yesterday price also touched the trendchannel drawn on Logscale on daily timeframe and the trendchannels at lower timeframes. Todays fall is also very strong and implies an ending advance shortterm...Thank you for observing and share your observatuions...
Have a great day