If it is a 4th wave, it should normally consume 5+ trading days and it can breach the main channel @ 4890 by 20-30 points below and could reverse too..for the final up move. If it is a triangle, then we should see the contraction in the price range .. US markets should make up their mind today or in this week about any more upsides or continue the falls...
The "Diametric" scenario could have ended as a failure @ 5099 of last week or one more upside is possible. Break of 4920-4905-4890 will end the uptrend.
Below "5056"(Weekly Pivot), selling is seem and it happens to be today's High ema. Hour TA gave a sell at 1.00PM. Watch the weekly close below 5003. Correction has spread to day and threatening the "WEEK", a decisive week for a reversal..?
The "Diametric" scenario could have ended as a failure @ 5099 of last week or one more upside is possible. Break of 4920-4905-4890 will end the uptrend.
Below "5056"(Weekly Pivot), selling is seem and it happens to be today's High ema. Hour TA gave a sell at 1.00PM. Watch the weekly close below 5003. Correction has spread to day and threatening the "WEEK", a decisive week for a reversal..?
4 comments:
Dear Ilangoji,
by looking at levels it seems that we have completed C-4-c today at 16764 and we r on C-5 now.
C-3 was 15357 to 17196= 1839 points
C-4-a 17196-16622= 574
C-4-b 16622-17121= 499
C-4-c 17121-16764= 357
moreover we r at rsi (14) support trend line also.
so now we can see last leg of this rally from tomorrow?
Pankaj Shah
hi dear ilango sir,
plz give me bank nifty view for next day with chart like this nifty after mkt close everyday
thx a lot sir
Hi..Pankaj,
We are closer to the bottom range of the 4th wave. Channel supports comes once again closer below. With world markets flat, we may have a small range trade in the early part before a decisive move. On the contrary, if it gaps up due to RIL Bonus issue, it may start to come down again within the range.
Will post the hourly chart later.
Hi..Alpesh,
I do not want to stay away from my focused work. If time permits, I will do the needful.
Best regards.
ilango
thanks Ilangoji,
as expected by u mkt is coming dn after opening higher..
Pankaj Shah
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