Nifty 02-04-2017

It seems Nifty is forming a-b-c FLAT pattern for wave (iv). If I am correct, soon Nifty should start moving down to around 9000 level.

9140 – Look out for this level. Once broken, we can say that wave (c) of FLAT in progress.

Wave (c) to take 4-6 days to complete.

nifty 02-04-2017

Nifty 27-03-2017

Expecting bounce tomorrow. Would like to see Nifty breaking previous low of 9017 first and then start moving UP.

  • First – Nifty to go below 9017 (Would like to see this but Nifty may decide not to agree with me)
  • This should show bulish divergence in hourly RSI
  • Aggressive Trader – Thereafter get ready for entry. Play on 34 EMA, 5 min chart. When Price moves above 34 EMA in 5 min, enter long position. Stop loss could again be 34 EMA or tomorrow’s HOURLY LOW
  • Conservative Trader – can enter on break of RED trend line

Lets see if this setup gets build up tomorrow or have to wait more

nifty 27-03-2017

Nifty 13-03-2017

Seeing election results, I have renumbered my count. We have completed wave (iv) in some form of triangle and now wave (v) will start.

Wave (iii) took 21 days and wave (iv) 10 days.

We can expect 400-500 points rally.

 

nifty 13-03-2017

 

Nifty 05-03-2017

CORRECTION STARTED: 

This 1100 point rally from 7900 is over. We can see clear 5 waves.

  1. Divergence in (iii) and (v) wave
  2. (ii) – (iv) trend-line broken

Expect some correction/consolidation from now on.

Minimum 3 weeks correction/consolidation is expected.

 

nifty-05-03-2017

Nifty 19-02-2017

  • Nothing much changed from last week. Expecting correction or consolidation for sometime soon.
  • Divergence is seen in price and RSI
  • Look for break of Lower trend line for correction/consolidation confirmation

nifty-19-02-2017