todays session opened at 9933.25 (+26.3) with a gap up, by making it´s low at 9901.05 and the top at 9963.10. The closing price was set @ 9952.20 (+39.35/0,40%)! The a/d Ratio jump this day to 1.55! remains in place at 56 ( territory).
So as of yesterday both interpretation of the EW structure are unchanged. At todays level of 9963.50 the pullback touched the .786 RT from 9986 - 9861! At latest often a reversal point. If the level at 9983.45 was the start of wave "c" of ii (circle) we have targets at minimum at 9658.55 and 955x area (a=c). For the version we need one down-up sequence to complete wave ii (circle)!
The daily candle at NIFTY50 and NIFTY200 both show the same formation ( ; Aug. 04) and as long this formation is not topped (>9988.40) the short term view is to the downside, because the move did not look complete. Todays candle is an "inside" one.
If price were to exceed above 9988.40 the odds to the outlook decrease and a new advance may has started!
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 NSE!