Thursday, May 8, 2014

Nifty's correction has come quite closer to MHEma, below which 50dsma awaits..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices, in weekly corrective mode has tested WLEma.
There is a 5-waves visible from 6721 to 6643.
And from 6743, it is the 3rd wave completed at 6643.
If prices get restricted at 6689-93(HrJnsar) or 6709.5(21/ 34Hr smas) as the 4th wave(Global cues helping it), another low likely to complete a 5.
Above 6710, the resistance is at 6723(80%). And above 6723, the correction is almost over.
This corrective fall could also take the shape of a 5 sub-waves; hence, monitor the last fall retrace to stay through it.(This alt.label would replace the "a" & "b" to "1" & "2", thus implying a "3"rd in progress)
If gets resisted at 6689-93 or 6705, the critical support is at 6636, MHEma & 6578, 12WEma/50dsma.
Incidentally, yesterday's high,6719, would become tomorrow's JNSAR.