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| Nifty Hourly Chart |
Nifty breakout has sustained today, did not give away ground after Friday's rally. Now we have come to a point where we can say that we are in the wave (3) of [3] of III, give or take a few fractals, and the only thing that will prove us correct is anemic pauses/corrections and sharp rallies in coming days. This is the point where the price action should really accelerate, and take out all the resistances. Next important resistance comes around 5342 (shown in the chart below). Over 5342 we have clear skies up to 5630, where the next supply zone resides. Only prudent thing to do now is to hold on to your longs, don't make haste to get out of your positions. But what ever be the case, don't be on the short side of the market, when we are expecting a third wave. On the daily chart below the MACD is sporting a hook just after crossing the zero level. RSI and STS also has some headroom left. Both these conditions are bullish once you combine with the EW labels we are dealing with.
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| Nifty Daily Chart |
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