Hello Traders, on Mondays and todays tradingsession NIFTY rose to 10097.55 at topp and closed today @ 10093.05 after opening the day with a Gap by 50 points and set a low at 10028.50! Todays a/d-Ratio jumped to 4.1 (41/10). Yesteradays a/d-Ration closed at 1.83 (33/17/1). By trading today NIFTY reached to the 0.88 RT (100137.85 - 9685.55) and fullfilled the Minimum expectation for a flat pattern. While RSI is at overbought area a pullback is possible within the next hours! Also the wave structure from the low at 9685.55 shows overlapping waves, which indicates a corrective move. So NIFTY is aible to streetch above the high at 10137.55 by creating a flat pattern and complete wave "b" and a third leg to the downside has to occur to complete a flat correction in a Wave "c"! In a bullish case we have start a new advance to a new ATH above 10137.85 and we`re still in a series of one`s and two`s. The odds also favor a "ascending triangle" marked with the dotted blue line and a breakaway gap which set the stage for a new advance! If a pullback is still to occur the target zone is around 9983-9966! If this is the case we`re on the move for a last leg of a longer advance which bring NIFTY well above the 10137.85 level. Have a great day rubennase
yes its all confusion since there are lot of abc's in there. but non EW analysis is showing a pattern here .. which is called a running pattern.. and this may be the last leg of upmove.. ! after which its projecting a price of 9759 or so.. !!
ruebennase
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@sachinjain19,
Hi there,
I`m a bit confused about the pattern and I think it is a "b" Wave. Because in my view...something is wrong with that wave!
Best Regards
rubennase
sachinjain19
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@ruebennase, yep true !!! and thats why i dropped the EW for now.. and started looking at other non EW patterns !! sometimes EW can lead to lot of confusion which only becomes clearer post the event has happened !!!
ruebennase
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@sachinjain19,
in my view..never drop EW! Because they may sometimes can`t tell u what`s next, but they can tell u what not to expect...