Hi Friends,
In our last post we were talking about possible Ending Diagonal in Nifty. And it seems like its actually playing out. Though we were looking for Reversal at 5312, we mentioned about more downside to 5215-5245 Gap Area.
With today's low that dip seems over. And 'b' leg of the 3rd Wave looks to be Complex Correction or Diagonal completed at 5233. So Nifty might move in its 'c' leg towards 5610-5686 or higher.
On short term basis 5341-5368 is on cards. Will review there whether 1 more dip to 5221-5202 coming.. However, break above 5401 & 5448 will confirm upside to 5610-5686-5738.. Sept month is generally Bullish and with current set up 10% move is visible on Nifty. Auto, Banks & Metals will lead this Rally. Pharma & FMCG the Star Performers so far will Under-Perform in this Rally.. Trade wisely..
Thanks & Regards,
Harsh Dixit.
In our last post we were talking about possible Ending Diagonal in Nifty. And it seems like its actually playing out. Though we were looking for Reversal at 5312, we mentioned about more downside to 5215-5245 Gap Area.
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| NIFTY |
With today's low that dip seems over. And 'b' leg of the 3rd Wave looks to be Complex Correction or Diagonal completed at 5233. So Nifty might move in its 'c' leg towards 5610-5686 or higher.
On short term basis 5341-5368 is on cards. Will review there whether 1 more dip to 5221-5202 coming.. However, break above 5401 & 5448 will confirm upside to 5610-5686-5738.. Sept month is generally Bullish and with current set up 10% move is visible on Nifty. Auto, Banks & Metals will lead this Rally. Pharma & FMCG the Star Performers so far will Under-Perform in this Rally.. Trade wisely..
Thanks & Regards,
Harsh Dixit.
Ending Diagonal in c of 'b'.. 1 more New Low Towards 5221 is Buying Opportunity..
ReplyDeleteNice analysis!
ReplyDeleteI am proud of u frnd waaaaaaa kya dimag he ya 3rd eye?
ReplyDeleteHarsh,
ReplyDeleteThis is ok, but for an ED, 4 has to go into 1 .. so the wave from 5815 has to dip below < 5349 ?
That wud invalidate ur channel Lower TL ... mmm.. can look @ it as a normal Motive impulse actually , think of it this way, see if it fits in:-
C.1 4770 5349 -579
C.2 5349 5033 316 -54.6%
C.3.1 5033 5449 -416
C.3.2 5449 5216 233 -56.0%
C.3.3 5216 5815 -599 144.0% ** if done
Since C.3.2 was deep (56%), can expect C.3.4 to do say 38.2%
C.3.4 5815 5586 229 -38.2%
We may be Impulsing still...
rgds