Nifty seems to have completed the wave b of wave b little late yesterday. Further up move is not as dramatic as expected. It is taking longer than expected time to complete. Ideally the complete correction move this bigger wave b should have got over yesterday but is extendig. Which means it is trying to get the RSI readings into the overbought area (or at least little higher) just to turn down swiftly. This indicates that wave c may not reach its fullest extent and may reverse at around 0.618 of wave a (5637 - 5720.6 = 83.6) 5653.10+ 51.66 = 5704.76 or at the maximum 5653.10 + 83.60 = 5736.7
We need to be very careful and watch the strength in the current up move and be ready with the plan to jump in at the sign of weakness.
Nifty Daily chart:
Nifty hourly chart:
Nifty 5 min chart:
Hourly chart with 9,14 RSI & 35 D:
Nifty hourly chart with ATR:
We need to be very careful and watch the strength in the current up move and be ready with the plan to jump in at the sign of weakness.
Nifty Daily chart:
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