Friday, June 21, 2013

NIFTY DOWN TREND STARTED

NIFTY WEEKLY CHART
It appears that Nifty has completed c of wave B at 6233 and down trend has started  we get a confirmation below 5476.

This down trend starting from 6233 will be  in 5 waves.


This first set of 5 wave (forming wave 1 of C) is likely to end at 5529 as per golden ratio,  if we go down further into the internals of wave 5 it suggests  end point closer to 5555.  So for now I anticipate fall to stop in the range of 5555-5529

NIFTY EOD CHART
There is an outside chance of taking out the previous low of 5476 as wave three was little less than normal- wave 5 could extend,  to confirm the downtrend.

For now wait for a 3 wave up-move to initiate fresh shorts for big gains.  If one can manage to trade, upmove  of 300-400 pts is on cards.

Tentative Road Map for wave C  6233 > 5529 > 5961 > 4820 > 5250 > 4382 necessary correction will be  made as we move along and waves unfold themselves.

Happy Trading !
SHEKHAR


1 comment:

  1. Aug 06, 2013
    So far Nifty has travelled.

    6233 >> 5552 >> 6102 and on its way to 48xx

    ReplyDelete

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