Hello Traders,
today, NIFTY 50 declined 2.43% or -290.70 points. This was the largest decline since the advance started on September 25 and it was larger than the one from August 31 (-2.23% or -260.10 points)!
While N50 made a new high today we can count the impulse as complete and a change of trend lies
directly ahead.
Today`s breath was weak with an a/d-ratio of 0.27 (closing) and a closing TRIN at 1.69.
So, what could be next for N50?
On the 1h chart, we have the following count. Either today`s decline is part of a wave ((9v)) which is close to being done, or it was done at today's high.
The first case, N50 will reverse and resume trend to the upside in the next hours of trading, advancing to new highs maybe. The potential target range was mentioned in my latter analysis.
The alternate count is that an impulse is done and a correction start this morning (October 15).
The target ranges from 11553.60-11407-11262, all of them are Fibonacci ratios.
A strong indication of an impulse that has been done is the crossing of 11305 to the downside. A wave 4 of any degree can never enter the territory of a wave one. This would violate the rules of EW!
So the levels get set!
I will update the chart in the coming hours.
Have a great week....
ruebennase
Feel free to ask or comment!
Trading this nalysis is at your own risk!
today, NIFTY 50 declined 2.43% or -290.70 points. This was the largest decline since the advance started on September 25 and it was larger than the one from August 31 (-2.23% or -260.10 points)!
While N50 made a new high today we can count the impulse as complete and a change of trend lies
directly ahead.
Today`s breath was weak with an a/d-ratio of 0.27 (closing) and a closing TRIN at 1.69.
So, what could be next for N50?
On the 1h chart, we have the following count. Either today`s decline is part of a wave ((9v)) which is close to being done, or it was done at today's high.
The first case, N50 will reverse and resume trend to the upside in the next hours of trading, advancing to new highs maybe. The potential target range was mentioned in my latter analysis.
The alternate count is that an impulse is done and a correction start this morning (October 15).
The target ranges from 11553.60-11407-11262, all of them are Fibonacci ratios.
A strong indication of an impulse that has been done is the crossing of 11305 to the downside. A wave 4 of any degree can never enter the territory of a wave one. This would violate the rules of EW!
So the levels get set!
I will update the chart in the coming hours.
Have a great week....
ruebennase
Feel free to ask or comment!
Trading this nalysis is at your own risk!