Hi Friends,
Nifty has been correcting ever since it reached our target of 5345 on July 10th.
The Current Fall appears to be non-directional move. As per a=c exact target of 5076 is done for wave 2 & this correction seems over at today's low.
Its too early too conclude that wave 2 has ended today. The Confirmation for start of 3rd wave will be above 5221 & most importantly above 5301. A Faster Retracement of the Falling Segment would confirm the start of wave 3. So if Nifty manages to cross 5301 in next 4-5 trading session we can expect a move towards 5654 with minor hurdles at 5378 & 5481.
As per our preferred count :-
Wave 1 = 4770.35-5348.55 = 578.20 points (4th June - 10th July = 36 Days)
Wave 2 = 5348.55-5076.60 = 271.95 points (10th July - 25th July = 15 Days)
Wave 3 = 5076.60 + 578.20 = 5654.80
In case of time Equality Wave 3 shall be reached till 30th August. While in case of overshoot in 3rd it maybe reached in 0.618 time i.e. till 16th August.
The Above view will hold true till nifty hold 5094 & most importantly 5015. Below 5015 we will be forced to end the 'C' of one larger Degree B at 5348.55. (Case of C Failure). In this case we believe that Nifty will break below yearly lows.
But as of Now we are Bullish as Currencies also Suggesting big Jump in EUR/USD to 1.29 & Correction in Dollar Index to 81.25 & USD/INR to 52.90.
So lets wait & watch.
Thanks & Regards,
Harsh Dixit.
Nifty has been correcting ever since it reached our target of 5345 on July 10th.
 |
| NIFTY |
The Current Fall appears to be non-directional move. As per a=c exact target of 5076 is done for wave 2 & this correction seems over at today's low.
Its too early too conclude that wave 2 has ended today. The Confirmation for start of 3rd wave will be above 5221 & most importantly above 5301. A Faster Retracement of the Falling Segment would confirm the start of wave 3. So if Nifty manages to cross 5301 in next 4-5 trading session we can expect a move towards 5654 with minor hurdles at 5378 & 5481.
 |
| NIFTY |
As per our preferred count :-
Wave 1 = 4770.35-5348.55 = 578.20 points (4th June - 10th July = 36 Days)
Wave 2 = 5348.55-5076.60 = 271.95 points (10th July - 25th July = 15 Days)
Wave 3 = 5076.60 + 578.20 = 5654.80
In case of time Equality Wave 3 shall be reached till 30th August. While in case of overshoot in 3rd it maybe reached in 0.618 time i.e. till 16th August.
The Above view will hold true till nifty hold 5094 & most importantly 5015. Below 5015 we will be forced to end the 'C' of one larger Degree B at 5348.55. (Case of C Failure). In this case we believe that Nifty will break below yearly lows.
But as of Now we are Bullish as Currencies also Suggesting big Jump in EUR/USD to 1.29 & Correction in Dollar Index to 81.25 & USD/INR to 52.90.
So lets wait & watch.
Thanks & Regards,
Harsh Dixit.
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