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| Nifty Hourly Chart |
Always remember what seniors have said about trying to forecast the end of 3rd wave extension, "don't try it"! Once again Nifty moved up, and in the process destroyed the our labeling. But we cannot blame Nifty for that, it was our mistake. Now I am putting my neck out again, and posting yet another chart for Nifty, with modified labeling.
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| Nifty 10 min Chart |
On hourly we are very close to the upper channel boundary, so it can be said that give or take a few points we might be very close to the wave [3] top. This wave (5) of [3] has been especially hard to label, because of the weird waves {1} and {2}. Today I have taken another shot at labeling this wave (5), please look at the 10 min chart for greater detail. with this labeling we get possible target for wave {5} of (5) at 5411 - 5450 levels. Once again we can only wait and watch where this wave (5) of [3] actually ends. At such times when we are not sure of the direction of the market, it is well advised to stay out of it till it makes its mind.
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