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Wednesday, April 6, 2011

Trendlines HIT

So which was the standout trend line ....was it the blue or pink line?..Well both of them stood out in stopping the nifty.

We see the pink trend line was hit with a spike of the Nifty just once . And then the blue trend line came into play . the UPs of the markets all day had been slamming into the blue trend line but wasn't able to break it. The situation is very similar to the last time we hit the blue trend line . The Nifty slided along the line for a few hours and then everything fell apart. So will this be the end of the " X" wave ....or is it the 3rd wave of another bullish trend . Thats still not clear. With oil going up , Japan and ME tensions , I am not very hopeful of another rally towards the highs of 6000s. But i am not sure. looking for the markets to come to 5700 area atleast.

The technicals are overbought in daily and hourly charts and are trending downwards.   The Wolfe Wave shows minimum target 5830 area.

That was the 1-min chart.

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