Friday, January 06, 2012

Nifty headed back to 4810 - 4850 range!

Nifty rose sharply from the support levels of 4690. Our wave 4 took form of an irregular flat. MACD also formed a clean zero level reversal. Now by using reverse fibonacci technique we can forecast the possible range for wave 5 from 4810 - 4850. Its still within our earlier resistance zone of 4800 - 4860. MACD is also setting up for a good negative divergence on wave 3 and 5. Next couple of days are going to be really interesting.


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