So far the rise from 5041 does not appear like an impulse in
5 min chart nor in hourly chart. Hence sticking to the wave label for
correction and 5141.60 achieved today as the end of wave ‘b’ of this
correction. If wave ‘b’ has concluded then the down move should be impulse in
the C down and we should see the behavior very soon. If it continues to show lack of strength in
this down move then we need to re look into the wave labels. It might indicate
that the low achieved at 5041 could have completed the ‘B’ and ‘C’ up has
started as shown in the alternate wave count yesterday.
I’m still believing that
near 5141 is the end of ‘b’ , bcz wave ‘a’ was very quick and to
compensate the time ‘b’ took long time and hence had many sub-divisions. Though
counting wave ‘b’ is one of the toughest things in the complete wave analysis.
Bullish view – if Market stays and moves past 5160 then the ‘c’
up has begun with a target of (5144-4770=374) 5042+374 = 5416 if a=c equality.
Bearish view - if
market moves down below 5077/5058 in an impulsive manner then it can target (5189.4-5041.8
= 147.6), 5141.6+147.6 = 4994. This will be pretty close to the 50% of the rise
from 4770 to 5189.4 at 4980. At any stage moving beyond 5160 negates this view.
Preferably it should stay within 5133-5141.6 range.
Nifty 5 min Chart:
Nifty hourly chart:
Nifty pivot table:
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