as I wrote yesterday:
„Shortterm it is not yet possible to count this move in an impulsiv manner, but it look like it could be one during tomorrows session, indicating a sideways move within a flat or forming a triangle within a wave 4 and a decline to new fresh low, with a strong rebound after this may will occur! „
So at 10404.65 NIFTY50 finished a impulsiv move within a wave 5 and reversaled sharply to 10442.20 with a weakening a/d-R @ 0.6 and a TRIN at 1.07 indicating a weak day.
So this combination give us following opportunitys.
As long as NIFTY50 is trading below the wave ((4)) low at 10495 the odds are to favor that this corrective phase isn`t done yet, and fresh new lows are just around the corner with targets at 10370/10360 area and 10260 zone, indicating a within a wave ((2))! Notice the dotted blue line at ~ 10372 area, were a is possible and remain an open target at once.
If NIFTY50 is able to push to the red at 10470-10490 area, which is the 0.5 – 0.618 RT of the decline of the last hours, the odds do decrease that fresh lows are at forefront, indicating that anew countertren/advance has start (necessary an hourly close above those levels)!
Both, and are well at territory and still moving sideways, while VIX is doing the same.
Looking to higher timeframes we can observe, that most Major Indexes showing divergences at and RoC!
As I wrote yesterday, USDINR is at forefront to reversal. If this occur, the possibility has been taken plce that a major low is done.
Have a 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!
todays move is so far a clear 3-move to the downside! If NIFTY is declining to fresh new lows, without touching the level of 10454.65 the odds do increase for a wave 3 of 5 of c! On the other hand, If NIFTY50 is likely to touch and advance above that level a possible wave 2 is done and higher highs are at forefront.
Have a great day
I´m not right sure if I understand you? What do youlike to say?