ruebennase

NIFTY50..Shortterm correction ahead?

NSE:NIFTY   Nifty 50 Index
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Hello Traders,
since NIFTY50 and other Indexes dropped because of the Election result last week to 10074 the pullback look to me like a „b“ wave and is close to end or has do so last week. That means short term another decline is at forefront to 10386 which is the 1.618 FibExt of wave a or to 10215 zone! More barish potencial exist.
VIX is at low reading (11.60) and a/d-Ratio was mixed during the last sessions. RSI is still trading at it`s bull readings, while RoC is moving sideways, it`s MA (13) is slightly moving up. I think it is still possible that we will see a „false breakout“ to new ATH`s and a sharp decline to the named targets in a wave c within the next hours.
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!  
Nifty opend with higher price and closed with more higher end at 10532. Forming "hanging man" pattern perhaves nifty will made new high near 10650 before correction starts.
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