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Tuesday, April 19, 2011

Nifty Views and most probable targets

Doing the larger B wave  . [a] , [b] completed. Now doing [c] in 5 waves. We are in the 4th of that .Most probable target is 5640-5665. (ii) retraced 61.8% . 38.2% retracement for this (iv) wave was at 5709 .But most likely this will get breached. The parralel channel has to be formed and at 5650 area, this will be perfect .5646 is also the 50% retracement of the previous uptrend.

Chart below.

Intersection of resistance and support lines at the 5650 area also gives us more confidence that the downtrend will end at that point.  But whats gonna be the targets for the next uptrend. Most likely targets are the red and blue DASHED trend lines. 6020 looks like a good target. It may also go upto 6088.


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