Friday, January 27, 2012

Nifty extension still going strong!

Nifty is still in the extending third wave and I am expecting a couple of more new highs in this up move on daily scale. On lower time frame, hourly, we may expect a couple of more highs on hourly too. We may get prices in the range of 5225 - 5290 for wave (3). I know the range is a bit wide, but right now all I am sure of is we may get a couple of more highs before we get a meaningful correction in wave (4). And the extent will be around 5000 levels, the end of previous wave {4}. Also the wave (4) down should bring the MACD to 0 level.

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