Tuesday, March 11, 2014

Nifty completes another day of "intraday" correction..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Corrections have been of 41 to 75 points approx, min & max.
Accordingly, if moves below 6521(6538-41), it is likely end around "6483-87".
Corrections , during uptrend, are opportunities to initiate trades.
Corrections happen when prices have deviated from the averages(mean) by a "mile"... while prices come down to meet the averages, the averages too rise upto meet them. And then, uptrend resumes..
Notice how the intraday corrections have brought up the key 21 & 34 Hour averages from 6345 & 6400 to 6412 & 6476, a jump of 67-76 points.
Remember, uptrend is intact till prices keep closing above 34 Hr sma.(aggressively, 21 hr)
EW: From 5119 to 6343, prices sub-divided into 5 sub-waves(refer EOD charts)-1st wave.
From 6343 to 5933, prices sub-divided into 3 sub-waves(Irregular flat-bullish)-2nd wave took 65 trading days(approx). 
From 5933, the 3rd wave has commenced which will sub-divide into 5 sub-waves.
The "1"st of the 3rd wave is unfolding from 5933 and its sub-waves are being labeled in hour chart; (Labeling a sub-wave of a sub-wave is a challenging one-hence, when you see multiple scenarios in ST T/f, take a step back now & then and allow itself to reveal.)
And whenever, this 1st wave gets completed, the "2"nd wave would take time "closer to election completion", roughly 40 trading days.
During this period, "retracing the last rise" levels should guide you and also keep this "Big.3"rd wave scenario in contention. I will update the hour labels to understand the completion of 1st wave from 5933.
Keeping below @6562, irregular correction continues either to 6511-21 or lower.
Above 6562, vth wave unfolds, to be followed by a correction.
Presently, monitor the last rise retrace from 6351.
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