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Tuesday, March 29, 2011

Counts Updated

We broke past the 5690 point which we had considered to be end of 1st wave. Since 4 cannot go into price territory of 1 , this is no longer a 5 -wave impulsive down  move. The most possible count now is given below:

The green line has been forming significant support and resistance at different points. Nifty clearly moving in a channel (red). the technicals are already showing signs of turning back . Just expecting the Nifty to move sideways for 2 days and then go up to touch that  intersecting point 5811. And then we can short this market.

Suppose we will be doing a double zig-zag. Rules here:

Since its suppose to be a three  , I show the counts below:::

It seems we BEARS will great fun starting next couple days.

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