Friday, February 03, 2012

Nifty is right on the target for this big up move from 4588.05 levels !

Hourly Chart
10 min Chart
Nifty selected the triangle scenario out of three we mentioned in yesterday's post. The triangle always precedes the end of an important move. Here we may have completed wave {5} of (5) of [3], as shown in the 10 min chart. The count on lower time frame is changed a bit, as per the developments. We also have reached the upper channel boundary, RSI is overbought. On 10 min chart we have super negative divergence on waves {3} and {5} of wave (5) of [3]. So going by the weight of evidence method, we can call a short term top, and if we break critical levels we may get a bigger and much anticipated wave [4]. Target for wave [4] is around 5075 levels.

No comments:

Post a Comment

...I am thrilled to learn what you think about this piece of content...