Friday, May 9, 2014

Nifty, having completed the "abc" correction, steps out of the crease and shows a glimpse of "things to come"..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Below 6641, fall continues to 6578-92 . Above 6641 or at 6578-92 , bounce/ reversal.
EW suggests two possible scenarios as listed above.
6743-6639, a 5 done or 3rd done/4th in progress or 5th sub-divides.
Hence, 6641, the 3-hr low is critically poised.
If breaks 6641, it is likely to find support around 6592 or 6578(50dsma, 12WEma,WLEma less 40).
The corrective could continue if it gets resisted below 6690, approx.
My interactions would be limited today.