Wednesday, February 01, 2012

Nifty may have completed twave [4], now on its way to wave [5] !

Nifty 10 min Chart
Nifty corrected in the first half of the day, and after forming a zigzag rallied smartly right into the closing. We may have completed wave [4] here and now on our way to completing the wave [5]. By reverse fibonacci we get 5262 - 5345 range. The guideline of equality of wave [5] should be equal to wave [1] in time and magnitude, when wave [3] is extended, we get again the target of 5345. So 5345 should be a logical target for wave [5]. As wave [3] was in strong extension, the wave [4] correction ended just shy of the 23.6% retracement mark of wave [3].


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