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Saturday, May 14, 2011

Got the bounce

Got the bounce that I was expecting (see post below ). Jumped from 5475 to touch 5605. Again  went down fast. I expect another touch down on the trendline.Not sure if this 4th wave is complete.

The 15 minute chart shows the action more clearly . I am expecting something of a a-b-c-d-e like corrective wave. That blue lower trend line is the same as the blue trend line in the 4 hour chart above . I expect the Nifty to bounce off again from this trend line to touch that parallel channel orange line somewhere around 5580. the bears will need plenty of firepower to break this line . Next week is very crucial.

I am counting this 5 wave sequence from 5924 and not 5944 as many people are.

This Wolfe Wave should  work . Target the RED LINE . this may lead to 5350 . If not 5415.

Watch the lines . Thanks.


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