Hourly high ema had given a sell since yesterday. At 11.00 AM, both hourly ema and hourly low ema reinforced that sell and stayed that way. At EOD, daily momentum weakened below Day's high ema(4399) and sell confirmed below 5 day ema @ 4322. Market also stopped just below 5 day low ema @ 4272.
Expected a pullback to 4350-4335 but showed weakness & broke the channel. Macd looks poised to move into negative zone..
The most obvious count worked very well with "ORB" breakdown @ 4404 @10.15 AM.
"OS" 5 minute TA might induce a bounce which is likely to get resistances @ 4310 - 4345 area.An Alternative scenario: If 4220 level holds, & if Nifty moves past 4345, it may rally to 4390..
2 comments:
Hi Ilango sir
I have a query on the 5 min chart. Why would we label the fall from 4700 to 416x as A and not 1 Down.
Many respects
JSK
Hi..JSK,
If we have started a Primary "C" down, we may label them as 1,2,3,4,5, of "C".And that is still uncertain.
As we have completed "A" wave of this Primary "B" wave from 2539 to 4693, the "b" of Primary wave "B" is on. Hence the sub waves of the "b" is labelled as "abc". On completion of this "abc", we should move higher to "c" of the Primary "B".
Best regards.
ilango
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