Its been couple of months and nifty is seen in range keeping traders guessing
about the next move the kind of structure nifty making makes me feel we are in for a
complex correction with X wave attaching two abc ,This could be a probable case and the we witnessing now most probably should be b of second set of abc well things should clear out
soon .
I am quite confident on one thing nifty cannot move much above 4750-800 till we go down considerably
you see to go more up we need to go bit more down
If this structure works out downside levels to be watched would be 4400.4200 and 4000.
A loosely prepared chart is attached to show the probable move for next several months .
Remember this is a possibility :) I am expecting thoughtfull comments fromwave trades on this.
Regards
Rish
RESEARCH REPORTS
Yes very much a possibility that nifty retraces back to gaps left on upper circuit on May 18, 2009. Another important thing to notice is that these throwbacks have seen tremendous distribution so the possible C wave down might not give a chance for longs to exit. it just might hit them hard this time.
ReplyDeletepossible but I guess correction is will come only after peoples money will come to markets....as i hear from people all of them are holding on cash..... If nifty closes above 4775 then it wil go to 5200.... the more time it spends closer to 4700 will make this more possible
ReplyDeleteYour analysis seems to be similar to the one by Sathia Moorthy. Please see --
ReplyDeletehttp://www.sathiamoorthy.com/
Please consider the possibility of a Diamond Diametric as suggested by Vivek Patil. In such a wave pattenr, there are 7 legs, and presently the last leg 'g' is in progress which could target about 5000.
ReplyDelete