Friday, January 20, 2012

Nifty in persistent up trend, trying a new count this time!

Hourly Chart
Iam trying a different count today. Please read this hourly chart in conjunction with the weekly and daily charts which have been updated today. 

I feel Nifty may have formed a failed {c} wave in (b). And the rise towards the 5100 levels is the (c) wave of an irregular flat correction in wave [b] of the third leg of the TZZ. Wave {2} of (c) of [b] was a sharp correction so expect wave {4} to be a sideways consolidation, a triangle or a flat, possibly. Look for the MACD to come down towards 0 level on wave {4}, and a final dash to the 5100 - 40 levels to conclude wave {5}and this up move. Only time will tell.

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