Hello Traders,
N50 achieved to 10785.55 this morning and sharply start a decline to 10705. Closing price was at 10716.55, attended by a weak a/d-Ratio@ 0.43 (N50) and a TRIN at 1.24 which implies an slightly „oversold“ Marked.
By counting the moves from the intraday high down we count 5, which implies the decline is done or it need some more subdivisions to complete. The next No is seven or nine to complete the moves!
Shortterm it look that N50 is trading sideways between 10785.55 and 10680 a primary targetzone, below 10680 the door is open to 10650-10601!
I have marked the wave 4 level of lesser degree @ 10689 which is close to the first targetzone. At 10671 there is the second mark with the .382 and the .618 Fibonacci, both levels indicating may a strong support zone. Breaking this level with high volume and a solid close below open the door for the second targetzone.
Another strong indication for a corrective move is that INDIAVIX is trending higher within this advance. This is normally not the behavior I would like to see during an advance. So in summ of this few inidicators I favor a decline that is not done for now.
Below the chart (second graph) you can observe the DMPO that indicates an decline too, because the diagram is moving below it`s zero level which is a reliable indication too, and a sell signal by crossing (both lines) from positive to negative levels (switch from green to red area)!
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!
N50 achieved to 10785.55 this morning and sharply start a decline to 10705. Closing price was at 10716.55, attended by a weak a/d-Ratio@ 0.43 (N50) and a TRIN at 1.24 which implies an slightly „oversold“ Marked.
By counting the moves from the intraday high down we count 5, which implies the decline is done or it need some more subdivisions to complete. The next No is seven or nine to complete the moves!
Shortterm it look that N50 is trading sideways between 10785.55 and 10680 a primary targetzone, below 10680 the door is open to 10650-10601!
I have marked the wave 4 level of lesser degree @ 10689 which is close to the first targetzone. At 10671 there is the second mark with the .382 and the .618 Fibonacci, both levels indicating may a strong support zone. Breaking this level with high volume and a solid close below open the door for the second targetzone.
Another strong indication for a corrective move is that INDIAVIX is trending higher within this advance. This is normally not the behavior I would like to see during an advance. So in summ of this few inidicators I favor a decline that is not done for now.
Below the chart (second graph) you can observe the DMPO that indicates an decline too, because the diagram is moving below it`s zero level which is a reliable indication too, and a sell signal by crossing (both lines) from positive to negative levels (switch from green to red area)!
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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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.