Hello Traders,
after yesterdays shortterm impact to the Indian Markets, NIFTY50 plunged nearly 240 points by the opening auction. After that shock, NIFTY bounced back and closed the day with a positive result at 10392.80 after making it`s low at 10074.80.
A/d-Ratio was positiv with 2.4:1; shortterm buying power seems to be exhausted.
Overall the opportunity is given that something has endet at this point with that move.
Shortterm the odds are not clear to my view and I will not labbel this. I favor the idea, that a wave 3 has started yesterday, while a/d-Ratio was strong and TRIN was below readings of 1, in this case @ 0.73 (low readings of TRIN and a solid/strong a/d-Ratio do imply a strong market at this combination)!
As long as price do trade above 10074.80 the odds are to favor that a wave iii has started. Trading below that level (on a closing basis daily) do favor the opposite..).
Have a great week...
ruebennase
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!
after yesterdays shortterm impact to the Indian Markets, NIFTY50 plunged nearly 240 points by the opening auction. After that shock, NIFTY bounced back and closed the day with a positive result at 10392.80 after making it`s low at 10074.80.
A/d-Ratio was positiv with 2.4:1; shortterm buying power seems to be exhausted.
Overall the opportunity is given that something has endet at this point with that move.
Shortterm the odds are not clear to my view and I will not labbel this. I favor the idea, that a wave 3 has started yesterday, while a/d-Ratio was strong and TRIN was below readings of 1, in this case @ 0.73 (low readings of TRIN and a solid/strong a/d-Ratio do imply a strong market at this combination)!
As long as price do trade above 10074.80 the odds are to favor that a wave iii has started. Trading below that level (on a closing basis daily) do favor the opposite..).
Have a great week...
ruebennase
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!