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| Hourly EW Chart |
Nifty moved sharply up today, and obviously put a spanner in our plans. But once again we can put this price action in perspective using EWP. Since the rise from 5170 levels was a 3 wave move, we can expect a DZZ or a Triangle correction now for wave [b]. If prices tomorrow cross above 5400 - 5440 band we are in for a DZZ correction and we may even see 5560 on Nifty. But if we get resisted in this band of 5400 - 5440 we may be forming a contracting triangle in wave [b], and should come down to form wave (d) of [b]. On a larger time frame I have marked wave I complete around 5630 levels, but some very good analysts still believe we are in wave [4] of I, if that is the case we are already in wave (d) of [4] which may also be forming a contracting triangle, and prices should come down briefly to complete wave (e) of [4] before setting off on a wave [5] of I rally. Tomorrow's price action holds the key.
aniruddha,
ReplyDeletesee one more alt lable, as ascending CT from 5268
In last leg e, tgt 5520...
just take a look & tell me wot u think
cheers
SMO
Sorry sir I could not understand your count, can u please elaborate or may be attach a chart.
Delete