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Wednesday, February 23, 2011


Lets look at the Hourly charts .

So , according to our counts , the 4th of this C wave has already completed when we reversed from 5598 which retraced almost 61% of the the previous 3rd wave. So lets look at a short term chart .

So , we are inside the 5th wave . Inside that we have completed ( i ) and today ( ii ) . As that 5 min chart shows , ( ii ) was a diagonal triangle .After hitting that upper trend line it  came back strongly to break the lower trend line .  So now we will be doing that ( iii ) downwards. I expect Nifty to go down for some 2 days atleast breaking that important 5400 level support. The targets for this 5th wave is 4950 --5000 area.


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