Hello Traders,
NIFTY50 rose to 11760 on Aug 28 and set a new ATH as many times before. The move to new Highs was accompied by lagging Ratios, as nottibly at chart. Furthermore the advance can be counted as a complete „five“ and it is possible, that the advance has come to an end or is close to do so!
The SENSEX rose to 38989.65 this morning, only ~80 below my target area as pointed out on Aug 20! SENSEX also created a „bearish-engulfing“ pattern at chart, one of those types which can signal typically the end of an advance too!
At the 90 min chart you can observe, that the advance to 11760.20 is possibly a „Throw-over“ as it occurs at imporant tops in this case!
A „throw-over“ is complete, when price declined back into the trendchannel, after pushing above the upper boundary-line! So this possibility is given and we will see how market will handle this opportunity! If NIFTY one more down-up sequence to complete the move, a common target area is around 11768-11796, where mulltiple Fibo`s take place!
As per the alternate label at chart, you can observe the bearish opportunity in fact of an ending advance in a wave (iii)!
It wll be interesting to see, how market plays out this situation!
Have a great week....
ruebennase
Questions and Comments are welcome!
Note!---> This analys 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!
NIFTY50 rose to 11760 on Aug 28 and set a new ATH as many times before. The move to new Highs was accompied by lagging Ratios, as nottibly at chart. Furthermore the advance can be counted as a complete „five“ and it is possible, that the advance has come to an end or is close to do so!
A „throw-over“ is complete, when price declined back into the trendchannel, after pushing above the upper boundary-line! So this possibility is given and we will see how market will handle this opportunity! If NIFTY one more down-up sequence to complete the move, a common target area is around 11768-11796, where mulltiple Fibo`s take place!
As per the alternate label at chart, you can observe the bearish opportunity in fact of an ending advance in a wave (iii)!
It wll be interesting to see, how market plays out this situation!
Have a great week....
ruebennase
Questions and Comments are welcome!
Note!---> This analys 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!