Hi Friends,
In my last post I mentioned about Nifty being in its Final Stage of Uptrend from 4531 and has resistance near 6300. Nifty is sliding since the level of 6229. I'm expecting a much Larger Fall back to 4500 or lower levels in next 15-20 months. However, there is no clear evidence of beginning of that Larger Fall.
On short term the Current Fall from 6229 still looks to be a Correction of the Last Rally from 5477-6229. As per my preferred Count The Rally from 5477-6229 looks to be just 'a' leg of the Z Wave from 5477. And currently Nifty is Retracing the Rally in 'b' leg which might be near its completion.
20130610002008.png)
We can clearly see a Falling Wedge on Nifty which has Bullish Implication on Breakout. Despite the Prices making Lower Lows, RSI is Diverging and making Higher Lows. So the Momentum on Sell side is Declining and also the Volume. Nifty has support in range of 5840-5850. So Nifty may take support in this Range and start moving Higher in 'c' leg of Z Wave in a Day or Two.
Nifty has Initial Hurdles at 5955-6015. Once above these Initial Hurdles Nifty may head up-to 6300. As a Conservative Trader 1 may wait for Falling Wedge Breakout to initiate Long Trade on Nifty.
Thanks & Regards,
Harsh Dixit.
In my last post I mentioned about Nifty being in its Final Stage of Uptrend from 4531 and has resistance near 6300. Nifty is sliding since the level of 6229. I'm expecting a much Larger Fall back to 4500 or lower levels in next 15-20 months. However, there is no clear evidence of beginning of that Larger Fall.
On short term the Current Fall from 6229 still looks to be a Correction of the Last Rally from 5477-6229. As per my preferred Count The Rally from 5477-6229 looks to be just 'a' leg of the Z Wave from 5477. And currently Nifty is Retracing the Rally in 'b' leg which might be near its completion.
20130610002008.png)
We can clearly see a Falling Wedge on Nifty which has Bullish Implication on Breakout. Despite the Prices making Lower Lows, RSI is Diverging and making Higher Lows. So the Momentum on Sell side is Declining and also the Volume. Nifty has support in range of 5840-5850. So Nifty may take support in this Range and start moving Higher in 'c' leg of Z Wave in a Day or Two.
Nifty has Initial Hurdles at 5955-6015. Once above these Initial Hurdles Nifty may head up-to 6300. As a Conservative Trader 1 may wait for Falling Wedge Breakout to initiate Long Trade on Nifty.
Thanks & Regards,
Harsh Dixit.
nice 1
ReplyDeleteClear cut view. i.e best. :)
ReplyDeleteThanks
ReplyDeleteSeems like your counting is wrong. We are into expanded flat correction from 6111.
ReplyDeletea = 6111 to 5477
b = 5477 to 6229
c in progress with minimum target of below 5477 and ideal targets of 5200 - 5050 area.
c is expected to be five wave down.
Delete6229 to 5935 = i
5934 to 6133 = ii
third wave in progress and will be longest and ultimately decide where decline gonna end.
That's my view ..
Hi,
ReplyDeleteMKT has Invalidated the above count as it has retraced more than 61.8% of Apr-May Rally which is huge fr wave 'b' within Z..
Expanded flat might be True.. But There is no clear 3 wave move visible 5477-6229.. It looks more like complex corrective.. So Rather than Expanded Flat I would like to take it as Z complete at 6229 & Nifty has started the Bear Market which will take it back to 4500 over next 12-18 months..
Thanks,
Harsh Dixit.
Dude you seem to be totally ignorant. And have getting it wrong - seeing your previous charts. Do everyone a favour and close down your blog.
ReplyDeleteDear HS,
ReplyDeleteI would close down my blog provided you get me a single person in this entire world who is 100% Right in Markets.. :)
Well and in this post I have clearly mentioned to wait for Falling Wedge Breakout to Initiate Longs. Nifty did not break abv the Wedge instead it Broke the Wedge Support which was indication of weakness..
I project a probable Future Path on Markets which help people to be aware of the likely move of Market. While in Reality Mkt May develop some other path which is usual..
You can check my past record and then give your comments..
Thanks & Regards,
Harsh Dixit.