ruebennase

NIFTY50 (weekly); Log scale.....Triangle consolidation?

NSE:NIFTY   Nifty 50
267 3 7
Hello Traders,
lets have a look to NIFTY50 on a weekly basis (Log scale).
While Trader "sachinjain19" asked me about a triangle consolidation, I ask my self if this is an opportunity?! Of course, if the count is right and we have seen a top in wave [(( iii             0.98% ))--(minute degree)] it is. Cause in a wave 4 you always can expect a triangle or a Flat correction , by understanding alternation in EW!
Wave ((ii)) retraced ~ 50% of wave ((i)) and start an advance, may in wave (( iii             0.98% )). What caught my eye is, that the lenght of wave (( iii             0.98% )) is just equal to wave ((i)) and a bit shallow, what at the other hand to my view, let us expect a expanding wave ((v)) after correction in wave ((iv)) has ended once. Mostly wave 4`s correcting 0.38RT of wave 3 and rarely more than 0.5 of the wave 3! So depending on which time wave ((iv)) will take, it is possible to name a target around the ~9280 zone, which reflects the 0.38 Rt             1.35% of Wave (( iii             0.98% ))! Another commonly target is around ~9100 zone which is just between the 0.38-0.5 RT             1.35% of wave (( iii             0.98% ))! Both targets will touch the wave 4 level`s of one and two lesser degrees! Keep in mind, that wave 4`s often like to "throw under" the lower boundary line of a trendchannel!
By observing indicators like RSI (14,c), MACD (Standard), INDIAVIX (so named @tradingview) we can see, that all Indicators support a coming time of advance in NIFTY50 by advancing themself ( VIX             5.01% vice verca). So it will be interesting to watch if the marked is ready to sky rocketing or if he is continuing his sideways consolidation since the high at 10137 on Aug 01!
A possible alternate count to me look like that a wave 1 of two lesser degree is done, consolidating in a wave 2 which needs time to finish by giving us a possible ZigZag pattern (most occured in a wave 2) and after that a new advance in a wave 3 advance!?
Just what catch my mind and my thought`s!
If there is a nearly complete advance in Major US Indexes just around the corner, how will NIFTY50 fix into that picture? I know NIFTY50 is not US and vice verca...but it catch my mind since weeks and I don`t know how to handle this correct! Does this make any sence?...
To be continuing.....
Have a great Sunday
ruebennase
Thanks for posting. Your efforts are laudable...I think there is one last gush northwards this month or early next month before we go down... lets see
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Hey .. buddy. thanks for considering my view !! keep the great analysis going on.
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ruebennase PRO sachinjain19
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