Hi Friends,
Yesterday I wrote about 5th Extension within 'c' of 3rd on Nifty. However, after carefully observing the charts, we have now two possibilities on Nifty.
1. As per the yesterday's post 5th within 'c' of 3rd might be developing as Extension Impulse Wave. Break above 5756-5780 will confirm the target of 5944-6040 in this case.
2. The entire formation from low of 5215 might be developing as an Ending Diagonal. Ending Diagonal generally develops in 5th or C wave.. So Break below 5691 will be initial sign of weakness and below 5639 we will get confirmation for 5520-5440.
So at this crucial juncture Bulls must keep strict stop-loss of 5639 and wait for break above 5756-5780 to Ride further Up Move. And Bears must wait for break below 5691 and confirmation below 5639. Once 5639 breaks Bears can take a short trade on corrective pull back for target of 5520-5440.
Since, momentum is loosing as seen from RSI Negative Divergence formation discussed in 2nd is more probable.
So lets wait & watch..
Thanks & Regards,
Harsh Dixit.
Yesterday I wrote about 5th Extension within 'c' of 3rd on Nifty. However, after carefully observing the charts, we have now two possibilities on Nifty.
 |
| NIFTY- 5th EXTENSION IMPULSE |
1. As per the yesterday's post 5th within 'c' of 3rd might be developing as Extension Impulse Wave. Break above 5756-5780 will confirm the target of 5944-6040 in this case.
 |
| NIFTY- ENDING DIAGONAL IN 'C' |
2. The entire formation from low of 5215 might be developing as an Ending Diagonal. Ending Diagonal generally develops in 5th or C wave.. So Break below 5691 will be initial sign of weakness and below 5639 we will get confirmation for 5520-5440.
So at this crucial juncture Bulls must keep strict stop-loss of 5639 and wait for break above 5756-5780 to Ride further Up Move. And Bears must wait for break below 5691 and confirmation below 5639. Once 5639 breaks Bears can take a short trade on corrective pull back for target of 5520-5440.
Since, momentum is loosing as seen from RSI Negative Divergence formation discussed in 2nd is more probable.
So lets wait & watch..
Thanks & Regards,
Harsh Dixit.
thank you very much sir..
ReplyDeletei am regular follower of your blog
Hi Friends,
ReplyDeleteThe 5th of 3rd seems over at 5815.. Nifty has breached 2-4 line Indicating 3rd wave is over. Now it may head to 5525-5450 in 4th Wave Down.
Thanks & Regards,
Harsh Dixit.
This comment has been removed by the author.
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ReplyDeleteThanks sir mai aap ke analysis ko hamesha follow karti hun.thanks again.
ReplyDelete