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| NIFTY MEDIUM TERM VIEW |
I had posted a count on Nifty in July
12 and next in Dec 12, I feel that bearish count is still valid
and nothing has changed since.
The downmove which started from 6115 in
the end of Jan 2013 and reached the low of 5476 has
negated any bullish count starting from
the lows 4534 in oct 2011, we can't label it as impulsive wave,
simply because of the overlap, unless of course the 3rd
wave itself is subdividing and we are witnessing the 3rd
of 3rd which implies super bullish trend.
For now, I am still taking this upmove
as 'abc' of wave B starting from the Low of 4534, hence 138.2% of
wave 'a' comes to 6278 and golden ratio target for internal wave 5
of wave 'c' comes to 6312 , which also happens to be a channel TGT.
6278-6312 zone should be the end point of this upmove the whole
correction ABC for the move starting from the low of Oct 2008 may
turnout to be a Flat Correction, ending somewhere close to previous
low of 4534.
SHEKHAR
Happy Trading!
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