Hi Frends,
As mentioned in my previous post Nifty seems to be in Final Z leg of the 2 year long up trend. Nifty seem to have completed Z leg at 6415.
After testing 6415 Nifty fell sharply towards 6130 in 7 trading sessions. This fall seems to be wave (i) or 'a' of one higher degree. The rise from 6130-6345 looks corrective, & consumed 7 trading sessions & retraced around 78.6% of the fall. This rise seems to be wave (ii) or b of one higher degree. Break below 6270 would be initial indication of start of next leg down in wave (iii) or 'c' and break below 6190 would further confirm the downside.
Once below 6190 we may expect fall towards 5970-5700. In case of 3rd wave extension Nifty might fall below 5700. As per my preferred count break below 6190 would indicate huge downside back to 5100. Break below 5700 will further confirm it.
Alternatively if one is counting the rise from 5118-6415 as Leading Diagonal; still needs to wait for some corrective fall to 5700 for next leg up in 3rd wave.
I would stick to my long term views. As per my Time Cycle study Nifty is in 7 year long sideways Bear Market and 1 last huge fall is pending before the Bull Run starts in 2015. I would like to review for alternate wave count only if Nifty doesn't fall below 5700 till Feb 2014.
Thanks & Regards,
Harsh Dixit.
As mentioned in my previous post Nifty seems to be in Final Z leg of the 2 year long up trend. Nifty seem to have completed Z leg at 6415.
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| NIFTY |
Once below 6190 we may expect fall towards 5970-5700. In case of 3rd wave extension Nifty might fall below 5700. As per my preferred count break below 6190 would indicate huge downside back to 5100. Break below 5700 will further confirm it.
Alternatively if one is counting the rise from 5118-6415 as Leading Diagonal; still needs to wait for some corrective fall to 5700 for next leg up in 3rd wave.
I would stick to my long term views. As per my Time Cycle study Nifty is in 7 year long sideways Bear Market and 1 last huge fall is pending before the Bull Run starts in 2015. I would like to review for alternate wave count only if Nifty doesn't fall below 5700 till Feb 2014.
Thanks & Regards,
Harsh Dixit.
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