Hello Traders,
NIFTY50 open positive that day and achieved at the end of the session to 11493. The bounce from the short term lows (@11311.6) exceed the 0.618 Fibonacci (at 11473) by some points, but strenghten the case, that may a flat-pattern is in progress. A close above the .786 Fibonacci will open the door for that pattern, but at least must achieve to a minimum of the 0.88 Fibo (11541.46)!
The corrective setback on the other hand from the high at 11572 to 11311.6 does not look as done, so one possibility is even the flat, and here after the first move down, which should be a wave „a“, with a wave „b“ in progress and a following wave „c“ to fresh new lows could be next.
Any rise above the high at 11572.80 will make a new adjustment of the chart necesarry.
The a/d-Ratio was strong at 3.1, which is either the start to new highs, or it is as often at the past a fake during a wave "b" ....
The most important thing is the wave pattern that develop and we judge only this.
Have a great day...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
NIFTY50 open positive that day and achieved at the end of the session to 11493. The bounce from the short term lows (@11311.6) exceed the 0.618 Fibonacci (at 11473) by some points, but strenghten the case, that may a flat-pattern is in progress. A close above the .786 Fibonacci will open the door for that pattern, but at least must achieve to a minimum of the 0.88 Fibo (11541.46)!
The corrective setback on the other hand from the high at 11572 to 11311.6 does not look as done, so one possibility is even the flat, and here after the first move down, which should be a wave „a“, with a wave „b“ in progress and a following wave „c“ to fresh new lows could be next.
Any rise above the high at 11572.80 will make a new adjustment of the chart necesarry.
The a/d-Ratio was strong at 3.1, which is either the start to new highs, or it is as often at the past a fake during a wave "b" ....
The most important thing is the wave pattern that develop and we judge only this.
Have a great day...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!