in last mail i had shown a blue trendline for upmove. it is formed by connecting levels of 14786 and 14888. actually if we observe nifty charts it has tested on friday on similar levels. so i have tried an optimistic bullish option. if we follow the same we can see level betn 16k and 16.9k in coming days and that can be end of this rally from where we can see a decent correction.
market has broken blue trend line shown connecting 14786 and 14888.we have corrected by apprx 60 % of move from 14170 to 16002 when we tested 14902 which was low at close(close above 15k is bcz of avg).broken low of 15104.macd in daily chart below trigger line,50 dma is at 14806, today's low of 14902 was just very close to 14888 prev immediate low below which more bearishness gets confirmed.tomorrow will be 21st day from last low of 13220 was made.
ReplyDeletebhai,
ReplyDeletei am a bit confused regarding the fall that you have shown in the picture. The fall seems to be a much larger one according to what you have show. Do you really ment to say that we will go till 7K and below? please clarify
shree
Dear Shree,
ReplyDeletehi!
i feel that from top around 16k we can see correction by 50 to 61.8% of rise from 7697 to 16k and that may work out 11k-12k zone not below that.mostly we will not break 10945.i will discuss later.
let us first clear that we have made top at 16k or are we going to make a higher top?as per intraday low so far we have corrected by apprx 62 % of third sub wave i discussed in last mail from 14170 to 16002. so both options r open yet. and we r close to 38% retracement lvl of rise from 13220 to 16k.
watch n wait for few days.