Thursday, September 4, 2014

Nifty completes the intraday correction and makes a critical low for this upmove..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Protecting the "i"st wave high(8022), this upmove made new highs.
Both Hour & Day 9-rsi are in overbought zone with week showing a -ve divergence at the top in "macd chart"(confirmation by this/next week end) and hence, one need to follow the prices with a trailing number(8015/7980).
Prices are trending up in the middle part of the channel.
With the "Trend" intact, prices would continue their trending ways by holding 8041-65.
Bearish scenarios open up only below "8037".
Immediate minor resistances are 8124 & 8134.
We have tentatively labelled the sub-waves of the move from 7540.
The 5th wave may have started from 7422 or 7540.
Accordingly tentative targets could be (as per 1=5 with 1 as 5933-6777=844):
7422+844=8266  OR
If the sub-waves play out as per the tentative labels, the minor (v)th could reach closer to 8160-80.
Remember, these are tentative labels in shorter t/f and we should adjust the labels as they unfold while trailing our positions with the last rise which is from "8007".