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| USDINR Hourly |
USDINR may be terminating this up move with a triangle. But that's just a speculation. The pattern will only get confirmation below 52.57 (S). RSI gave an advance break out, but prices need to breakout above 53.17 (S) and sustain. So naturally that becomes stop loss for any shorts that may be initiated on intraday rallies.
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| Nifty Hourly |
Nifty rallied smartly taking support around 5640 levels. Prices may find resistance in the 5750 - 5780 range. Th markets are in a consolidation phase, so beware of false breakouts and breakdowns.
hi aniruddha,
ReplyDeletelast u mentioned that if nifty breaks below 5535 in 10 days then that would confirm our view of a steep fall in markets. the way nifty is just grinding and doing time correction and not price, makes it like a 4th wave...
prices though have reversed perfectly from ur reversal area.
what would be an alternate scenario if nifty does not break 5535 in the next 10days...???
In EWP patterns keep evolving, and the greatest benefit to EWP practitioner is his adaptability. The break below 5535 is required to confirm the down trend.But for that we have to know what pattern the 5th wave of this up move is forming. And to be very frank right now the patterns in Nifty are getting confusing. In this scenario I would keep my bets small and look for a range breakout or break down to clear the picture. the bigger range is 5815-5630, and within that 5725-5630. Consolidation near the lower boundary of the range may favor bears.
DeleteRegards
Aniruddha