Today market rose about 75 points. 4 possibilities [sorted on the basis of likelihood]
1. wave b of the corrective wave.
Expected end (6480-6151 = 329*(50%-65%) = 165 to 214 retrace) - 6300 to 6350, so another 60 to 100 points rally expected.
2. wave 2 up of a downward primary move. same levels as above.
3. wave 5 continuing, (unlikely because too many days have passed for the same wave to be continuing) if breaks 6350 then might cross 6480 levels as well.
4. wave 3 starting: likely as that puts the target over 6600 for nifty. Important levels for Nifty future is 6350. If broken, the count will need to be reassessed.
Weekly charts showing this could be the end of a trend with wave 5 happening last week.
No comments:
Post a Comment