NIFTY50...Pessimism is all around!

NSE:NIFTY   Nifty 50 Index
152 2
Hello Traders,
NIFTY50 set a wave ((b)) high at 10409.35 at Nov.28! Since than it is declining in a wave ((c)) to new lows today at 10033.35! At 10006 wave c=a! Todays a/d-Ratio was weak at 0.22 (9/41)! pessimism is all around!
I have labeld the decline as a 5-wave-pattern and it is close to finish . So at ~10006 it is possible that NIFTY finished it`s pattern and also finished a wave ((II))!
Notice that @9955 a wave (4) low of lesser degree is placed, a common target for the end of wave c too. At ~9880 price will met the lower rising boundary line of the trendchannel.
While RSI is showing divergence and RoC is trending up short term, VIX seem to trend down and a reversal is at forefront, at minimum to ~ 10150 zone!
If NIFTY50 is correcting below the level of 9955 with a strong move and even so a strong volume by a daily closing basis occurs, the next trarget is at 9685.55, the low from Nov. 08!
Have a great week

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 and!
Let me tell you one thing your counts are very good. I am doing it from years now never seen to many people doing such good counts. Keep it up. Cheers.
+1 Antworten
abc completed ....going for new high ? or a pull back of fall from 10410 to 10033 ?
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