Wednesday, March 19, 2014

Nifty's consolidation stretches ahead of a final burst...(?)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices completed a 5-sub-waves @ 6575 and started a minor correction towards the close yesterday and ended it @ 6498.
It then commenced a reversal attempt, moving to 6522 and then holding the critical "6510", 21 & 34 Hr smas at close.
For the day: It either continues "that" correction, keeping below 6546 and staying above 6486 OR
it impulses up breaking through 6560 & 6575 to new highs as in the "iii"rd wave of this (5)th wave.
Prices have been getting resisted at the "expanding triangle" in week T/F for the last two weeks @ 6563 & 6575. Sustaining above 6560, it should move past 6575 soon for the 5th wave to complete the (1)st wave of the larger Third wave and start the correction lasting few weeks ahead of Poll results.