NIFTY ROCKET GET SET GO..

Hi Friends,


In my earlier post I was talking about 5555.. But Since the Market has now Invalidated that Wave Count we must look at some other possibilities. Though the Market has invalidated the earlier count there is nothing to worry about.. Though Nifty may not touch the High Fives 5555.. Still a 10+% move from the current levels is expected to come within next 10-15 days.


There are lot of negative News flowing in the Market regarding IIP nos, Inflation, Euro Crisis & Greek Default and blah blah blah... But This is the Best time to accumulate stocks for a 10+% move from current levels.

NIFTY ENDING DIAGONAL

 Lets 1st look at this Intra-day chart of Nifty. We can clearly see this Falling Wedge formation which is a kind of Reversal Pattern. Also we can see that tough Price is making lower lows RSI is Diverging and making higher lows. We might see a Final Dip to 4863 towards the E leg of this Falling Wedge or Ending Diagonal in Wave 5 of c of the b of the Larger "B". Once Nifty breaks above this Falling Wedge we may witness a clear trend reversal which may come very fast. Generally the Ending Diagonal signals a Dramatic Reversal ahead.

NIFTY

Now lets look at this Daily chart of Nifty. Earlier I assumed that Wave B of this Final leg of Complex corrective was over and currently Nifty is in Final C leg. But the Mode of this fall which is not Impulse has forced me to reconsider and reconcile my Wave Count. So Currently I would like to consider the low of 4531 in Dec as A and currently Nifty is in B leg. Within B which is a 3 wave pattern Nifty just  finished a & b legs and now the impending c would take Nifty higher to 5461. This assumption holds true until Nifty doesn't break below 4830 before the Rally or it doesn't moves beyond 5730. Else I would reconsider my Wave Count.


So Currently I'm looking at 4863 as max decline from where Nifty will start it's Journey towards 5461..




Lets wait & watch....




Thanks & Regards,


Harsh Dixit.