Total Pageviews

Friday, February 25, 2011

NIFTY Updates

In one of the intra-day updates for NIFTY below , i said the maximum upside was 5339 which was the 38.2% retracement . Isnt it such a good feeling that exactly the same point will be touched by the retracing wave.

We are doing the 5th wave of this C ( 3rd ) and inside that we have now completed the ( 4 ) th . We are looking at 5 minute charts because its very important to know which wave you are in to be able to make good entry and exit points. After hitting that 38.2% retracement level it sharply turned downwards , only to retrace again . So i guess we have our ( i ) and ( ii ) of this ( 5 ) th wave . The chart is shown below .

That ( ii )  retracement was a strong retracement touching a little over 78.6% . So we can expect the ( iv )  to be a short retracement clocking around 23 to 38 % . But that we will see later. So now according to our count  we should be doing the DREADED  ( iii ) . So bulls should be heading for the BUNKERS on Monday . Most probably we will be completing the 5th wave ( i.e ( iii ) , ( iv ) and (v ) )  on Monday itself. That would also complete this C wave . That would mean we will be seeing a more than 150 points fall on MONDAY !!!!!  

This hourly chart shows where we actually did today's bounce . Exactly at the trend lines . That came at 5232.  If that breaks , the FALL would be hard.    

Lets see what happens on Monday . Thanks.

No comments:

Post a Comment