Wednesday, May 7, 2014

Nifty's week correction reached WLEma..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Nifty fell from 6870 to 6657 in a 5 wave form.
It then rose to 6738("i"/ "a") swiftly, followed by a sideways move("ii"/ "b"), boring & full of deceptions;
Short term, hence, poised for a rise to 6748-55 zone or more, provided "6680" is held.
I would treat this as an intra week rise as long as it is limited to 6790 or 6827.
(Alternatively, considering the fall as "abc", the rise could get higher but the subsequentl fall, if there is any , would not break 6650.)
Remember: This is only a small corrective phase;
If 5933 to 6870 is (1)st wave, whi ch is 937 points...I'll leave the (3)rd to your imagination.
What will spoil this party ? - a weekly close below WLEma or a break of 6550 approx)