NIFTY50 broke this morning above the blue dotted with a gap up, may to indicate as an "continuation gap" which, at the other hand implies, one more up to complete the move with an "exhausting gap"! If such a gap up has to occur it must be close within the next trading hours of the following 1-2 sessions and will indicate that the run from 9687.55 even is "exhausted" as the gap means!
You also can observe, that the second , grey dotted, also was outnumbered with the gap today and both may be tested in a pullback move to around 10430-10400 zone!
If my count is correct we run in a wave 5 (Micro degree) and after it is complete a wave i (subminuette degree) is done and we will see a pullback in a wave ii (subminuette degree)! While wave((1)) was the shortest wave in that move and wave ((3)) was extending, to my view, we have a multiple targetzone from 10456 -10488 where also the red dotted will touch the purple one!
Todays a/d-Ratio was solid at 1.55 as it was yesterday very weak at 0.53!
VIX shows a slightly begining upmove and is also trending at "overbought" levels. even is moving up and it`s MA (13) is supporting the view for the next hours and 1-2 days.
Also unchanged is my second best count which implies a price target at ~ 10473- 10488 within a "expanding flat" and here a wave ((b)) at minimum. More potencial exists.
All other Major Indexes even too broke out this morning with massiv gap`s to the upside, which in DOW Theory means that this move is carried by the brought market.
So, the trend means up with higher targets at all Major Indexes.
Have agreat 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!
Hi there, this fits well to my count...yes, I think we`re at this level of EW
I will...when I see what traders are doing there?! Right now I´m not sure...