Monday, September 1, 2014

Nifty, holding its last rise retrace points, gathers momentum in its vth wave of 3rd wave..

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

BN's chart shows a 4th wave done from 14709(Nifty's 7540) at 15503(Nifty's 7862)with a break of the Hour channel & reversing back into the channel. Hence, holding retrace point of the last rise from 7862 is critical for making a new high.
The fall from 7968 to 7862 was of 3 waves and hence, the retrace could be anything as in a "Flat" or an irregular flat..
With the "Trend" intact and Day technicals completing their corrective move, prices may have resumed their uptrend as long as they hold 7939. If not, the "Flat" correction continues.
Bearish scenarios open up only below "7855".
Immediate minor resistances are 8011 & 8034 .
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