Thursday, January 05, 2012

Nifty 4800 - 4860 range still unconquered!

Th hourly chart shows that we need to cross the high of wave {a} of the zigzag to complete the minimum requirement for a zigzag. That level is around 4800. Also on counting the recent advance after completion of wave {b}, seems to have completed 3 wave up, and now a consolidation in wave 4. We should get a thrust up in wave 5. But before that lets look at the 10 min chart. It suggests a couple of possibilities, one is that we have complete waves [i] and [ii] in wave 5 of {c}. We may just labor upwards to complete the wave 5, or we may drop sharply to complete a complex correction in wave 4 around 4690 levels and then start rising in wave 5. Both the possibilities look equiprobable, but the right look guideline and the guideline of alternation makes me favor the first possibility. But that's just my view I may be biased. So I suggest we wait it out rather than getting whipsawed and caught in a boring and frustrating consolidation. If 4860 is not taken out soon, the next big move will be on the downside. Always remember, patience is THE virtue.


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